As Bitcoin (BTC) faces the threat of dropping below $90,000, the move will likely have less impact on Solana (SOL).
Notably, the two assets have been standout performers in the current bull run, with Bitcoin historically known to influence the overall market’s trajectory.
Indeed, these projections come amid a mixed outlook for Bitcoin’s next move. For instance, prominent analyst Ali Martinez has warned that Bitcoin could drop to $85,610 if the $91,583 support level is breached.
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On the other end, Ki Young Ju, the founder of the on-chain analysis platform CryptoQuant, has noted that any crash in the current market cycle is no cause for alarm as the bull run remains on course.
How will Bitcoin impact SOL
Now, if the short-term bearish sentiment is validated and Bitcoin retraces to around $88,000 or $85,000, Solana is likely to feel less impact and maintain its recent strength, according to analysis shared by trading expert CrypNuevo in an X post on November 26.
The analyst observed that, in such a scenario, Solana might deviate slightly below its recent high of above $260. Still, critical support from the daily 50-exponential moving average (50-EMA) is expected to hold firm.
According to the trading expert, investors should watch for the $200 level, noting it as a potential ‘last spot buy’ opportunity, dynamically aligned with the daily 50-EMA.
Therefore, should Bitcoin decline further, the analyst projected that Solana could see price action around $205 to $200, serving as a support zone before potentially resuming its upward trajectory.
Another overview by crypto trading analyst Daan Crypto Trades noted that after the decentralized finance asset dipped to the support zone at $226–$230, the area could mark a reversal point if buyers step in, potentially driving a rally back toward a high of $259.
However, failure to hold this support may cause SOL to drop to the next key level at around $210. Interestingly, as reported by Finbold, some analysts view Solana’s recent highs as the much-needed trigger likely to elevate the asset to the $4,000 mark.
SOL price analysis
As of press time, Solana was trading at $232, signaling weakness on the 24-hour chart, where the asset has dropped over 4%. On the weekly chart, SOL is down 4.85%.
Despite the short-term correction, Solana appears well-positioned to surge further, with the current price comfortably above both the 50-day simple moving average (SMA) and the 200-day SMA.
The 14-day Relative Strength Index (RSI) is also at 61.49, signaling upward momentum without entering overbought territory.
This bullish outlook is further complemented by a Fear & Greed Index reading 79, reflecting strong investor confidence. However, caution is warranted as such a rating might signal an imminent correction.
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