The SOL/BTC pair is gearing up for a potential price surge against Bitcoin as it inches closer to a bullish breakout. After a prolonged period of consolidation within a symmetrical triangle since March, the pair is making another attempt to rally past the upper resistance line. A successful breakout would see Solana trading at a multi-month high.
The SOL/BTC pair represents the exchange rate between Solana and Bitcoin, currently standing at 0.0024, indicating a 14% rally over the past 12 days. When the SOL/BTC pair rallies, SOL’s value increases relative to BTC, enhancing the value of SOL holdings.
A look at the SOL/BTC pair on a one-day chart shows it trending toward the upper line of the symmetrical triangle. When an asset trades within this pattern, its price fluctuates between two converging trend lines, establishing resistance and support levels.
A breakout above the upper resistance would indicate that bullish forces have overtaken bearish ones, confirming potential further price gains. The positive readings from the pair’s Balance of Power (BoP) suggest that this breakout may occur soon, with the BoP at 0.8, indicating stronger buying pressure.
The Relative Strength Index (RSI) supports this bullish outlook, currently at 60.26, signifying high accumulation among market participants. If demand for Solana continues to outpace Bitcoin, the SOL/BTC pair could reach new highs, with Fibonacci Retracement readings suggesting a break above the upper resistance line could push it to 0.0031.
This potential breakout might allow SOL to trade above $200 for the first time in seven months. Conversely, if Bitcoin strengthens against Solana, the pair could decline, potentially dropping to support at 0.0021 and reflecting a price of $133.58 for Solana.
