Solana Breaks Out of One-Year Downtrend vs Bitcoin
According to Michaël van de Poppe, SOL has broken out of a one-year downtrend against Bitcoin. This development is significant as it suggests that Solana will continue its outperformance in Bitcoin pair breakout setups.
The SOL/BTC ratio has been trending upwards, and this break-out position SOL for potential gains. Van de Poppe specifically mentions a 30% target zone ahead.
Looking at the technicals, SOL is currently testing the upper Bollinger Band resistance at $108.27 on the 4-hour chart. The RSI remains neutral at 44.94, while the MACD death cross signals caution even as the overall trend stays bullish.
Despite this, the move positions SOL for continued upside continuation in the broader market. The EMA50 at $100.15 serves as immediate support, with the EMA200 at $87.18 providing a longer-term floor for the altcoin.