SOL/BTC Sheds 28% Before Buyers Step In
Daan Crypto identified a perfect hammer reversal candle on the SOL/BTC 4H chart directly on descending trendline support. The pair is now +26.6% over 30 days, making it one of the strongest-performing BTC pairs while most alts bleed.
Solana is putting in quite the reversal relative to its Bitcoin pair. This is not the only coin showing this trend, and it is good to watch here. This observation was accompanied by a clean 4H Binance chart showing Solana printing a strong hammer candle right on the yellow descending trendline that had capped the pair since early November. Price had bled from approximately 28% against Bitcoin in two weeks, dropping from around 0.0020 to 0.00147. Yet at the exact moment sellers looked exhausted, buyers stepped in with rising volume, a classic reversal signature. Hours later, the market is proving this analysis correct.
SOL Putting in quite the reversal relative to its BTC pair. And it’s not the only coin. Good to watch here.
— Daan Crypto (@DaanCrypto) May 11, 2024
SOL/BTC is currently trading at 0.001504 (CoinGecko data), marking a 2.6% gain in the last 24 hours and a staggering 26.6% rise over the past 30 days against Bitcoin. This performance makes it one of the strongest relative performances in the entire market, especially while Bitcoin grinds new all-time highs near $95K+. The broader implication of this trend is what has traders excited. When Solana leads the BTC pairs higher, money typically rotates into Ethereum, Chainlink, Avalanche, and eventually lower-cap altcoins. Replies to Daan's post are filled with charts of identical setups across multiple coins, with traders noting "sell pressure exhaustion" and "early strength hiding in plain sight."
On-Chain Strength Confirms the Move Is Real
On-chain metrics back the move: Solana daily active addresses and DEX volume have quietly climbed 15-20% this past week while price consolidated, showing real usage rather than pure speculation. If SOL/BTC closes the daily above 0.00155 this week, the measured move targets 0.00170–0.00185. This represents another 13–23% against Bitcoin from current levels, which would translate to serious USD pumps as Bitcoin stabilizes.
Daan Crypto did not proclaim "alt season starts today." He simply pointed at the chart and suggested it was "good to watch here." Sometimes, that is all it takes. Those who listened are already seeing gains. The rest may soon discover why he has over 100,000 followers.