Is Solana following Ethereum? SOL price continues slump vs. Bitcoin

Solana ( SOL ) price could see more downside against Bitcoin, as analysts draw similarities to the Ether ( ETH ) price slump against Bitcoin ( BTC ). Can Solana hold above the $120 support?

SOL/BTC headed for more downside: analyst

Solana’s price could see more downside against Bitcoin's price, according to Benjamin Cowen, the CEO and founder of Into The Cryptoverse, who drew comparisons to

Cowen wrote in a Sept. 17 X post:

“SOL maxis are too busy laughing at ETH to recognize that SOL/BTC is just following ETH/BTC.”

SOL/BTC and ETH/BTC, 1-week chart. Source: Benjamin Cowen

Cowen’s analysis comes a day after Ether’s ( ETH ) price against Bitcoin has hit a three-and-a-half-year low last seen in 2021.

Others fear more potential downside for Solana, including pseudonymous trader Crypto hodler, whose technical analysis suggests a potential correction below $100. He shared the below chart in a Sept. 17 X post.

SOL/USDT, perps, 1-day chart. Source: Crypto hodler

Related: Bitcoin set for 3-month historic rally as analysts eye $92K BTC

Can Solana hold above $120 support?

Despite the concerns over potential correction, others expect a trend reversal, including popular analyst Atlas, who wrote in a Sept. 16 X post:

“Think we are setting up for a reversal trend by weekly close.”

SOL/USDT, 3-day chart. Source: Atlas

Others believe that the Solana chart is in a “much better shape than Ethereum,” including crypto analyst Patric H., who wrote in a Sept. 17 X post:

“We can see a clear support area between $125 and $118 that continues to hold during major market corrections. That is a clear buying area for me, with invalidation tight below $118.”

SOL/USD, 1-week chart. Source: Patric H.

However, Solana would need to rise above $162 for a potential upside breakout, which remains a significant resistance, added the analyst.

Popular crypto trader Wagmisaurus also remains optimistic about SOL price, as long as it holds the $120 support, the trader shared in a Sept. 17 X post.

SOL/USDT, 1-month chart. Source: Wagmisaurus

Solana price remains over 48% down from its all-time high of $260, recorded three years ago on Nov. 6, 2021.

Related: Bitcoin poised for volatility ahead of US interest rate decision — Analysts

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.