Solana (SOL) has entered a period of pronounced weakness in the cryptocurrency market, trading under the $100 mark for nearly three months. During this time, SOL has continued to lose ground both against the US dollar and Bitcoin (BTC). This is the longest stretch below $100 for SOL since 2020, suggesting growing pressure on the altcoin.
Sliding SOL/BTC Performance Raises Concerns
The SOL/BTC pair, closely watched by market analysts, paints a challenging picture for Solana. According to the latest weekly chart shared by Crypto Moe, Solana has failed to sustain its upward trend that began in early 2024 and has been consistently rebuffed by a strong resistance curve.
The chart highlights a blue resistance line where SOL’s attempts to rally against BTC have repeatedly stalled. Each effort to break above this level has lost momentum, and Solana remains weak when compared with Bitcoin, with its price hovering close to key support zones.
Another key detail in the analysis is a green zone, which represents the support area established during the 2023 consolidation phase. Crypto Moe points out that a return to this region may prompt a clearer reaction from SOL/BTC.
Crypto Moe notes, “SOL’s true sign of strength will come only with a decisive move above the blue resistance curve. For now, the downtrend persists, and there is no clear sign of reversal.”
Given these circumstances, if Bitcoin’s price begins to rise, SOL could see gains in USD terms, but technical indicators still point to ongoing relative weakness versus BTC.
Solana Remains Below $100 for a Record 88 Days
Turning to the SOL/USD pair, data from analyst ChiefraT reveals that Solana has spent the last 88 days priced below $100. Most recently trading around $84, SOL has not managed to reclaim the $100 threshold since dipping below it in early February.
This sustained period underneath $100 marks the longest such stint for Solana since 2020. After a sharp drop in February, SOL’s price stabilized and has mostly moved sideways, fluctuating between $78 and $96, with buyers defending the lower end of this range on multiple occasions.
Despite efforts, SOL has struggled to breach the $100 level, which has now become its primary resistance. A solid close above this psychological point could signal an end to the prolonged phase of weakness.
ChiefraT comments, “This marks the longest sub-$100 run for Solana since 2020.”
In the short term, the $81 mark acts as a key support for SOL, with a broader support zone around $78. Should this area be breached, a return to the February lows could be on the table.
In summary, current data shows that Solana needs to overcome its resistance levels to regain momentum against both the US dollar and Bitcoin. Despite its persistent fragility, analysts are eyeing a potential turnaround for SOL if a stronger recovery unfolds in BTC or dollar terms.
