Solana is gearing up for a potential price surge against Bitcoin as the SOL/BTC pair inches closer to a bullish breakout. After a prolonged period of consolidation within a symmetrical triangle since March, SOL/BTC is making another attempt to rally past the upper resistance line.

A successful attempt will cause Solana to exchange hands at a multi-month high. This analysis explores the possibility of this happening. 

Solana Seeks To Outshine Bitcoin

The SOL/BTC pair represents the exchange rate between Solana and Bitcoin. It currently stands at 0.0024, which indicates a 14% rally over the past 12 days. 

When the SOL/BTC pair rallies, SOL’s value increases relative to BTC. This means that SOL holdings are becoming more valuable in terms of BTC.

A look at the SOL/BTC pair on a one-day chart reveals that it now trends toward the upper line of the symmetrical triangle it has traded within since March. When an asset trades within this pattern, its price fluctuates between two converging trend lines, forming resistance and support levels.

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A breakout above this upper resistance would indicate that the bulls have overpowered bearish forces, confirming the potential for further price gains. The positive readings from the pair’s Balance of Power (BoP) suggest that this breakout may be likely in the near term. 

The SOL/BTC BoP, which measures the relationship between buying and selling pressures in the market, is 0.8 at press time. When this indicator is positive (above zero), buying pressure is stronger than selling pressure within the market. It indicates there are more buyers than sellers, driving the price upward.

The pair’s Relative Strength Index (RSI) supports this bullish thesis. As of this writing, the RSI, which tracks oversold and overbought conditions in the market, is in an uptrend at 60.26. This signals that SOL accumulation is high among market participants, dwarfing all profit-taking efforts. 

Solana Price Prediction: A Multi-Month High Is Imminent

The SOL/BTC pair could be driven to new highs if demand for Solana continues to outpace Bitcoin’s. Readings from the pair’s Fibonacci Retracement tool suggest that a successful break above the upper resistance line will push it to 0.0031, a level last seen on March 18.

Should this occur, SOL may trade above $200 for the first time in seven months.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

However, if Bitcoin gains strength against Solana, causing the pair to decline, the attempt to break resistance could fail, and the pair may continue to trend within the descending triangle. In such a scenario, it might drop to support at 0.0021, bringing Solana’s price down to $133.58 if buying pressure weakens significantly.

FET price is showing some unusual patterns that could impact its direction in the near future. Recent activity from major holders has caught attention, raising questions about what’s next for the token. While certain indicators point to potential gains, others suggest there might be caution among larger investors.

These conflicting signals are creating uncertainty around the short-term outlook. With the market closely watching, FET’s next move could be pivotal.

FET Whales Are Sending Paradoxical Signs

Big holders of FET have been showing paradoxical signs in recent days. Monitoring the actions of a coin’s whales is crucial because it provides insights into potential market moves, as large-scale holders can influence the price with their buy or sell decisions.

On September 28, there were 69 holders with between 100,000 and 1,000,000 FET tokens, and by September 30, this number had risen to 82, marking an 18% increase in just a few days. However, during the same period, holders with between 1,000,000 and 10,000,000 FET tokens dropped from 13 to 10.

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This situation is unusual because while smaller large holders are accumulating, the biggest holders are reducing their positions, which could indicate a mixed sentiment in the market.

For FET’s price, this divergence might suggest some short-term upward momentum from new buyers, but the retreat of the largest holders could signal caution or potential selling pressure ahead.

Social Dominance Is Down

FET’s Social Dominance 7-day Moving Average has seen a sharp decline, falling to 0.123%, down from 0.336% just a day ago and 0.668% on September 24. This decline matters because social dominance measures the level of attention and discussion a coin is receiving relative to the overall market.

A drop in this metric suggests fading interest or hype around the asset. Reduced social buzz often aligns with lower buying activity or enthusiasm from retail investors, indicating that excitement around FET may be waning for the time being.

However, it’s important to note that FET’s Social Dominance 7D MA hovered around 0.123% last month as well, yet that didn’t stop its price from climbing in the following days.

For example, between September 7 and September 12, FET rose from $1.07 to $1.42, showing that even with low social dominance, price increases are still possible if other factors drive demand.

FET Price Prediction: Can It Reach $1.87 Soon?

According to the In/Out of the Money Around Price chart, FET faces strong resistance at $1.68 and weaker resistance at $1.73. If these levels are broken, FET could quickly rise to $1.87, offering a potential gain of 14.7%. That could be driven by all the hype around artificial intelligence coins, which appear to be on the rise lately.

The In/Out of the Money Around Price metric tracks the distribution of holders who are in profit (in the money) or at a loss (out of the money) based on their entry price, providing insights into where selling pressure or buying support might come from.

It highlights key resistance levels at which holders might sell to secure profits and support levels at which buyers may step in to prevent further decline.

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However, if FET’s current trend reverses, there’s strong support at $1.58, but if that fails to hold, the price could drop as low as $1.38, indicating significant downside risk.

Solana-based dog-themed meme coin Bonk (BONK) has seen its price increase by 37% in the last seven days. This development came after the broader market experienced a significant recovery, and other meme coin prices also jumped.

While some meme coins have seen their gains erased, BONK appears to be showing immense strength. As a result, the price could be set to go higher in the short term.

The Solana Meme Coin Stays Strong

With Bonk trading at $0.000024, the Awesome Oscillator (AO) on the daily chart supports a bullish outlook. The AO is a momentum indicator that compares recent price movements to historical trends, using a zero-line signal to determine whether momentum is bullish or bearish.

When the AO reading is below the zero line, momentum is bearish, and when it is above, momentum is bullish. Currently, BONK’s AO shows bullish momentum, suggesting that the recent sideways movement may soon lead to a significant upswing.

Read more: How to Buy Solana Meme Coins: A Step-By-Step Guide

Furthermore, the Bull Bear Power (BBP) aligns with this sentiment. The BBP shows the strength of buyers (bulls) and the strength of sellers (bears). 

When the BBP climbs, bulls are in control, indicating that the price can increase. Conversely, if the BBP is negative, bears are dominant, and the price might drop if it intensifies. On the daily chart, BONK’s BBP is positive, suggesting that the price can go much higher than $0.000024.

BONK Price Prediction: The Rally May Continue

The daily chart shows BONK’s price nearing $0.000026, though it could encounter resistance at this level. With the current bullish momentum and dominance, the token may break through this region.

If successful, BONK’s short-term target could rise to $0.000030. However, this depends on whether bears can avoid pulling the price back to $0.000021.

Read more: 11 Top Solana Meme Coins to Watch in October 2024

If buying pressure intensifies, BONK’s price could rally toward $0.000035. Conversely, a drop in buying activity could invalidate this forecast, potentially pushing the Solana meme coin down to $0.000021.