Benjamin Cowen analyzes Solana’s performance against Bitcoin, showing that SOL/BTC is in a long-term downtrend and will likely continue to bleed lower, similar to Ethereum’s past performance.
Key Points:
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Solana’s BTC pair peaked in early 2024 and has been in a distribution phase since.
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Meme coin speculation drained liquidity from the ecosystem as retail traders lost SOL, while insiders and meme coin platforms dumped profits.
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Solana's price action mirrors Ethereum in 2022, when ETH/BTC hit a lower high before breaking down further.
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Many Solana bulls refuse to accept the downtrend, just like Ethereum supporters did before ETH/BTC fell.
Future Outlook:
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SOL/BTC will likely continue trending lower through 2026, despite short-term rallies.
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Retail traders might get caught in bear market rallies, but the broader trend remains bearish.
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As long as Bitcoin dominance stays high, Solana and other altcoins will struggle to regain momentum.
Final Take:
Solana is in a long-term distribution phase, and its BTC pair will likely continue to decline. Meme coin speculation hurt Solana rather than helped it, causing liquidity to leave the ecosystem. While short-term rallies may occur, the macro trend suggests Solana will underperform Bitcoin.
