Solana Poised for Bullish Breakout Against Bitcoin as SOL/BTC Pair Approaches Resistance Level

Solana is getting ready for a potential price jump against Bitcoin. The SOL/BTC pair is moving closer to a bullish breakout. After a long period of consolidation within a symmetrical triangle since March, it’s making another attempt to break through the upper resistance line. If it succeeds, Solana could reach a multi-month high.

The SOL/BTC pair shows the exchange rate between Solana and Bitcoin. Right now, it stands at 0.0024, which means it has risen 14% over the past 12 days. When the SOL/BTC pair goes up, it indicates that SOL's value is increasing compared to BTC. This means that holding SOL is becoming more valuable in terms of Bitcoin.

Looking at the one-day chart for the SOL/BTC pair, it’s trending toward the upper line of the symmetrical triangle it has been in since March. When an asset trades within this pattern, its price moves between two converging trend lines, creating levels of resistance and support.

If it breaks above that upper resistance, it will show that bullish forces have taken control, confirming the potential for further price gains. The current readings from the pair’s Balance of Power (BoP) suggest that this breakout might happen soon.

The BoP for SOL/BTC measures the buying and selling pressures in the market. Right now, it’s at 0.8. A positive BoP (above zero) means that buying pressure is stronger than selling pressure. In simpler terms, there are more buyers than sellers, which pushes the price up.

Additionally, the Relative Strength Index (RSI) supports this optimistic view. Currently, the RSI sits at 60.26, indicating an upward trend. This suggests that many market participants are accumulating SOL, which overshadows any attempts to take profits.

If demand for Solana continues to outstrip Bitcoin, the SOL/BTC pair could reach new highs. The Fibonacci Retracement tool indicates that if it successfully breaks above the upper resistance line, it could rise to 0.0031. That level hasn’t been seen since March 18. If this happens, SOL might trade above $200 for the first time in seven months.

On the flip side, if Bitcoin gains strength against Solana, the pair could decline. This would mean the attempt to break resistance might fail. In that case, it could trend within a descending triangle and drop to support at 0.0021. This drop could bring Solana's price down to $133.58 if buying pressure weakens significantly.