Solana (SOL) holds up well against Bitcoin (BTC) and Ethereum (ETH) during current crypto crash
Table of Contents
- Can $SOL hold here?
- $SOL consolidating against $BTC
- $SOL heads into top half of range against $ETH
Amidst the carnage of the current cryptocurrency market crash, Solana ($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.
Investment DisclaimerDisclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
German government continues to transfer thousands of bitcoins to exchanges and market makers
Quick Take The German government transferred 133.722 bitcoins to market maker Cumberland DRW before sending 150 coins to crypto exchange Kraken and 1,000 coins to the B2C2 Group. It also transferred 300 bitcoins to Coinbase, 300 bitcoins to Bitstamp and 1,000 bitcoins to market maker Flow Traders.
![](https://img.bitgetimg.com/multiLang/image/social/3d7a2aff0774933982c7a7a69d87260c1720435687011.jpg)
Metis co-founder's ZKM plans to launch Bitcoin Layer 2 GOAT Network
Quick Take ZKM has unveiled its Bitcoin Layer 2 solution, GOAT Network, set to launch later in Q3. GOAT Network has secured 5,000 BTC in commitments from institutional node operators to date, with plans to open a Series A fundraising round soon.
![](https://img.bitgetimg.com/multiLang/image/social/973bccf4c1ae1fd5d82ccc927cca13961720444528516.jpg)