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Solana/BTC Weekly Chart Reaches Nine-Month Low

The SOL/BTC pair is at its lowest level in nine months on the weekly chart.

Solana's weak weekly RSI is giving signals similar to the 2022 bear market conditions.

Bitcoin's momentum suggests that meme trading has been completely wiped out.

Critical point: Strong buying and high weekly continuations are needed for a clear recovery.

The selling pressure Solana has faced in recent weeks is clearly evident in both its performance against the dollar and some of Bitcoin's price movements. The RSI, one of the most important indicators in technical analysis, is declining to 35.8 on the weekly chart, drawing a picture similar to Solana's pricing during the 2022 bear market period. It is reported that the pair is moving cautiously because SOL has not shown a strong recovery after continuing in an overtrend for a long time.

According to the data, the Solana weekly RSI showed a chart close to a bear market in 2022. During that period, SOL experienced prolonged extreme movements, reaching its lowest levels. The display of similar signals currently present is being carefully monitored among the available information.
The analyst noted that there are hopeful discussions for a possible recovery from the overselling seen in February. However, he emphasized that the RSI alone does not provide a definitive signal of bottoming out, and that the market structure risks remaining weak unless prices make a clear upward move.

The analyst commented, "A move similar to early 2022 is becoming apparent in Solana; separating the current structure that appears to be a clear uptrend."

While the RSI is moving higher on the weekly chart, the price is still quite supportive of previous peaks. Solana is stuck in the 80-85 range after the recent decline. Well below the old cycle of $200, it indicates that selling pressure continues. Analysts state that a low RSI indicator alone is insufficient for a sustainable uptrend, and that a recovery cannot be confirmed unless a strong start occurs.
The SOL/BTC pair has fallen to the 0.0010 BTC level. This area was the same low seen in October 2023. The pair's drop to this level clearly demonstrates the loss of momentum Solana has gained against Bitcoin.

SOL/BTC, which peaked between 0.0028 and 0.0030 BTC late last year and early this year, has steadily lost value since then. All the gains from the rapid rise seen in the token's circuit have been completely wiped out by the current price action. In other words, Solana has lost all its speculative gains against Bitcoin.

This picture shows that during periods of weakened confidence in the crypto markets, Bitcoin increases pressure on more volatile assets like Solana. Technically, for a new uptrend, the SOL/BTC pair needs to break out of its lower regions and close higher on a weekly basis. Otherwise, the current weak outlook may continue.

Market Outlook

According to analysts, while the slight recovery of the weekly RSI from the oversold region has boosted morale somewhat, cautious pricing remains for Solana. Investors are not ruling out the possibility of a repeat of the 2022 bear market unless they see a clear uptrend and significantly strengthening price action.

In addition, investors believe that a strong buying wave is needed to overcome this weakness in Solana in the short term; otherwise, a sideways and pressured trend may occur.
‍$SOL