- SOL is one of the best-performing cryptos of 2024.
- Solana is yet to record a new ATH despite a significant bull run.
- The SOL/BTC signal resembles the ETH/BTC historical trend patterns.
Solana (SOL) has surged over the past year, with a particularly strong rally starting in Q4 2023. The altcoin’s performance pushed it into the top tier of cryptocurrencies, making it one of the most-discussed altcoins in the crypto community. Top experts, including Benjamin Cowen, are observing SOL closely, analyzing its price movement and making predictions for the future.
In a recently uploaded video , Cowen pointed out that despite SOL’s impressive gains between Q4 2023 and Q1 2024, it hasn’t yet reached a new all-time high (ATH) in this bull run. He focused on SOL’s market behavior, particularly its movement against Bitcoin. Cowen explored the possibility of SOL hitting a new ATH on its Bitcoin pair, noting it already did so with ETH.
Cowen explained that altcoins generally swing up and down against Bitcoin but can break out when they’re in a bullish phase. He highlighted similarities in how altcoins behave against Bitcoin, pointing to past trends in ETH/BTC and SOL/BTC.
Looking at SOL’s recent behavior, Cowen identified a pattern similar to one seen in ETH/BTC, where the pair formed four tops before declining. In 2022, ETH/BTC sold off after reaching four peaks before bouncing back strongly. Cowen believes SOL/BTC might follow this pattern, potentially dropping further before making a big move against Bitcoin. He mentioned upcoming Fed policies as a possible trigger that could cause significant price movements in the crypto market, similar to past events.
However, it is worth noting that that SOL/BTC mainly shows the altcoin’s strength compared to Bitcoin, not its overall market value. So, SOL’s value could still increase even if SOL/BTC declines. This often happens during a general crypto market rally when altcoins move in the same direction as Bitcoin but at different speeds.
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