The recent weeks have seen Solana (SOL) facing strong selling pressure, evident both in its price against the US dollar and its trading performance versus Bitcoin. One of the most significant technical indicators, the weekly Relative Strength Index (RSI), has now fallen to 35.8. This level mirrors conditions last observed during the bear market of 2022. While SOL has moved sideways for an extended period, the lack of a robust price recovery continues to make investors cautious.
RSI signals echo 2022 bear market
Data shared by the widely followed crypto community source More Crypto Online shows Solana’s weekly RSI chart closely resembling the patterns seen during the 2022 bear cycle. Back then, SOL stagnated at its lowest points amid a flat market. Observing similar trends today, market participants are paying close attention to whether history might repeat itself.
More Crypto Online notes that the oversold readings in February sparked hope for a rebound. However, relying solely on RSI does not provide a definitive signal that a market bottom is in. Without clear upward momentum, there is ongoing risk that the market structure remains weak despite technical indicators.
According to More Crypto Online, Solana is exhibiting a movement pattern similar to early 2022. The current setup is likely to persist until SOL initiates a clear upward trend.
Although the RSI is climbing on the weekly chart, Solana’s price is still well below previous highs. Currently stuck in the $80–$85 range after the latest drop, SOL remains significantly under its former cycle peak of $200. Analysts stress that a low RSI alone is insufficient, and confirmation of a recovery relies on a strong influx of buyers.
SOL/BTC pair hits yearly lows
A Binance weekly chart shared by Ted shows the SOL/BTC trading pair sliding down to 0.0010 BTC levels, reaching lows not seen since October 2023. This fall illustrates a noticeable loss of momentum for Solana in relation to Bitcoin, highlighting how the altcoin has struggled to keep pace with the market leader.
In late 2023 and early 2024, the SOL/BTC pair peaked between 0.0028 and 0.0030 BTC. Since then, it has steadily depreciated. Especially following the meme coin season’s sharp surge, recent declines have erased all gains made during that period. Simply put, Solana has surrendered its speculative edge against Bitcoin.
The star pattern chart reveals that every comeback attempt by Solana against Bitcoin produces a lower high, with each rally failing to surpass the previous peak.
This dynamic underscores a recurring trend: Bitcoin tends to exert greater pressure on more volatile assets like Solana during periods of waning market confidence. Technically, analysts note SOL/BTC must break out from the current support zone and record stronger weekly closes to revisit an uptrend. Otherwise, the existing weak outlook could persist.
Market outlook remains cautious
While the slight improvement in weekly RSI readings has lifted some investor sentiment, analysts remain cautious about Solana’s prospects. Many investors see the continued sideways trading and lack of strength as reminiscent of the 2022 bear market and do not discount the possibility of a similar scenario unfolding again.
Additionally, analysts highlight that a decisive recovery in Solana is unlikely without a strong wave of buying support. If this fails to materialize soon, SOL could continue to trade under pressure and remain range-bound.
