Amidst the carnage of the current cryptocurrency market crash, Solana ($SOL) is holding up well, especially against its $BTC and $ETH pairings. Is this a sign of things to come for Solana?
With $BTC down around 4.3% so far on Friday, and with the entire crypto investment space probably wondering just how much further it might fall, $SOL is holding up extremely well in comparison. A lot of the altcoins are doing a lot worse than $BTC, so this makes the relative strength of $SOL even more surprising.
Can $SOL hold here?
Source: TradingView
For its $USDT pair $SOL is down just over 1% on Friday. It remains to be seen if $SOL can stay within its triangle, which also has confluence with the 0.618 fibonacci. Should this break below and confirm underneath by the end of Friday, $112 could be the next line of defence.
$SOL consolidating against $BTC
Source: TradingView
Against its $BTC pair, $SOL is printing sideways price action, within a range. The bottom of the range is bounded by the 0.618 fibonacci, with strong support at 0.0018 sats below this. The top of the range is 0.0026, with another strong resistance above this at 0.0029. $SOL is currently up 4% against $BTC for the day so far.
$SOL heads into top half of range against $ETH
Source: TradingView
Against $ETH, $SOL is doing even better, 5.4% up on Friday so far. The SOL/ETH pair is in a big range that stretches from support at 0.033 ETH to 0.055 ETH at the top. The $SOL price has managed to turn 0.042 ETH into support, and so the next target would be 0.05.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
