According to Cointelegraph, supporters of Solana (SOL) often label it as an “Ethereum killer,” which has sparked comparisons, particularly following Ether’s (ETH) recent drop to a three-and-a-half-year low against Bitcoin (BTC). The crucial question is whether Solana can sustain its position relative to Bitcoin or if it will experience a downturn similar to Ether.

Experts are divided regarding Solana’s potential path forward. Some foresee a decline in its price, while others anticipate a breakout. Veteran trader Peter Brandt noted in a post on X on September 20 that if Solana maintains support at $120, it could be set for substantial growth. Additionally, a report from VanEck on September 25 projected Solana reaching $330, representing 50% of Ether’s current market cap. However, the report highlighted that institutional investors have been hesitant to embrace Solana’s advantages, likely due to their preference for established cryptocurrencies like Ether.

Emerging competition may also pose a threat to Solana’s status as the top alternative layer-1 network to Ethereum. Analysts from K33 Research indicated that Sui Network could emerge as a strong competitor.

When examining the SOL/BTC weekly price charts, the pair has formed a symmetrical triangle, typically signaling a continuation pattern. Given the price’s previous upward movement before the triangle’s formation, a breakout could be on the horizon. However, the flat 20-week exponential moving average (0.0023 BTC) and the relative strength index (RSI) near neutral territory do not favor either bullish or bearish outcomes. If bulls manage to keep the price above the 20-week EMA, the SOL/BTC pair may break through the resistance line, potentially reaching 0.0031 BTC and aiming for a target of 0.0039 BTC. Conversely, a dip below the triangle could send the pair down to 0.0018 BTC, with further declines possible to 0.0013 BTC.

On the daily charts, the pair tends to fluctuate between established support and resistance levels within the triangle. Following a bounce off the support line on September 18, the price surged above the moving averages on September 26. Buyers are now looking to push the price toward the resistance line, where selling pressure is expected. If the price retraces off the 20-day EMA (0.0023 BTC) after hitting resistance, the chances of a breakout increase. However, a drop below the moving averages would suggest a prolonged period within the triangle, favoring bearish sentiment if the price falls beneath the support level.

Forecasting the breakout direction remains difficult, making it prudent to wait for a definitive move before making significant investments. This article does not provide investment advice or recommendations. All investment and trading activities carry risks, and readers are encouraged to perform their own due diligence before making any decisions.