Data shared by widely followed crypto community source More Crypto Online shows Solana's weekly RSI has dropped to 35.8, closely resembling patterns from the 2022 bear cycle. Back then, SOL stagnated at its lowest points amid a flat market. Observing similar trends today, market participants are watching closely whether history repeats itself.
Oversold RSI but lacking buyer momentum
More Crypto Online notes that the oversold readings in February sparked hope for a rebound. However, relying solely on RSI does not provide a definitive signal that a market bottom is in. Without clear upward momentum, the risk remains that market structure stays weak despite technical indicators. Analysts stress that a low RSI alone is insufficient; a strong influx of buyers is needed to confirm a recovery.
SOL/BTC pair falls to 0.0010 BTC, yearly low
A Binance weekly chart shared by Ted shows the SOL/BTC trading pair sliding down to 0.0010 BTC levels, reaching lows not seen since October 2023. This fall illustrates a noticeable loss of momentum for Solana relative to Bitcoin, highlighting how the altcoin has struggled to keep pace with the market leader. In late 2023 and early 2024, the pair peaked between 0.0028 and 0.0030 BTC. Since then, it has steadily depreciated. Following the meme coin season's sharp surge, recent declines erased all gains from that period. Solana has essentially surrendered its speculative edge against Bitcoin.
The star pattern chart reveals that every comeback attempt by Solana against Bitcoin produces a lower high, with each rally failing to surpass the previous peak. This dynamic underscores a recurring trend: Bitcoin tends to exert greater pressure on more volatile assets like Solana during periods of waning market confidence. Technically, SOL/BTC must break out from the current support zone and record stronger weekly closes to revisit an uptrend. Otherwise, the existing weak outlook could persist.
Market outlook remains cautious
While the slight improvement in weekly RSI readings has lifted some investor sentiment, analysts remain cautious about Solana's prospects. Many investors see the continued sideways trading and lack of strength as reminiscent of the 2022 bear market and do not discount the possibility of a similar scenario unfolding again. Analysts add that a decisive recovery in Solana is unlikely without a strong wave of buying support. If this fails to materialize soon, SOL could continue to trade under pressure and remain range-bound.