The post How Low Could Solana Go If BTC Price Hits $48K? appeared on BitcoinEthereumNews.com.

Solana price is still trending inside a consolidation zone, bouncing between $130 and $163. This reflects the broader crypto market, which has been trapped between $2.25T and $1.867T for the past 67 days. Meanwhile, an analyst has suggested that BTC price could drop to $48,000 before pumping, and SOL investors wonder how low it could go if such a scenario were to occur. How Will BTC Price Hitting $48,000 Impact Solana? Crypto analyst Axel shared his BTC prediction on X (formerly Twitter) that the price of BTC will drop to $48,000. His analysis is based on the average purchase price of BTC, determined by the 4-year and 365-day simple moving averages (SMA). Bitcoin has been a major influencer of overall crypto prices, and the current consolidation phase and potential decline to $48,000 poses significant implications for altcoins, including Solana (SOL). SOL is a standout performer in the crypto space, maintaining a bullish price action despite erratic BTC price movements. Nevertheless, it is not immune to market fluctuations like many other altcoins. A potential drop in Bitcoin price to $48,000 would cause SOL price to experience downward pressure. Solana Price If BTC Price Drops To $48,000 Two previous cases to draw from are the August 5 and September 6 Bitcoin crashes that impacted the whole market. While Bitcoin price dropped by 30% and 12% on August 5 and September 6, respectively, SOL recorded 43% and 12% during those crash events. Comparing these declines, we find that for every 1% drop in BTC price, Solana dropped 1.43% on August 5, and on September 6, the decrease in price for both assets was negligibly close to 1:1, bringing the average drop ratio from the two events for these crypto assets to 1:1.216. This means that for every 1% drop in Bitcoin price, SOL…

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Filed under: News - @ October 9, 2024 3:26 pm