Solana Price Prediction: SOL/BTC Hits 2023 Low, RSI Warns

Solana is facing fresh pressure as two weekly charts show weak momentum against both the dollar and Bitcoin. While $SOL’s RSI resembles its 2022 bear market setup, the $SOL/$BTC pair has now erased its meme season gains and fallen to its lowest level since October 2023.

Solana RSI Warning: $SOL Chart Mirrors 2022 Bear Market Setup

Solana traded near $84.27, while its weekly RSI stood at 35.8, according to the chart shared by More Crypto Online. The RSI remains above the key oversold threshold of 30, but the structure still shows weakness after $SOL failed to recover strongly from recent lows.

Solana Weekly RSI Bear Market Comparison Chart. Source: More Crypto Online on X

The chart compares the current Solana setup with the 2022 bear market phase, when $SOL moved sideways for an extended period before reaching its final low. More Crypto Online said the weekly RSI now resembles those earlier conditions, especially after traders pointed to February’s oversold reading as a possible recovery signal.

However, the analyst warned that the chart still needs confirmation. In technical analysis, an oversold RSI can show strong selling pressure, but it does not always confirm a bottom. Price often needs a clear upside impulse before the market structure turns stronger.

The chart shows one major RSI oversold event during the 2022 decline, when $SOL later dropped toward its final bear market low. A similar RSI zone appeared again in 2026, while $SOL traded near the lower part of its recent range. This comparison suggests that the current setup still carries risk unless buyers regain control.

$SOL price also remains far below its previous cycle highs above $200. After the latest decline, the token moved sideways around the $80 area. This price action shows that buyers have not yet created a strong reversal pattern on the weekly chart.

More Crypto Online said the early 2022 comparison remains valid until Solana forms a clear impulsive move to the upside. That means $SOL needs stronger price action, not only a low RSI reading, to confirm recovery.

For now, the weekly RSI shows improving conditions from the oversold area, but the broader structure remains cautious. A strong breakout from the current range could improve the outlook. Until then, the Solana chart still reflects a setup similar to the period before the final 2022 low.

$SOL/$BTC Falls to Lowest Level Since October 2023

$SOL/$BTC dropped to a new yearly low on the weekly Binance chart shared by Ted. The pair moved near the 0.0010 $BTC area, marking its lowest level since October 2023.

The chart shows Solana’s performance against Bitcoin weakening for several months. $SOL/$BTC peaked near the 0.0028 to 0.0030 $BTC area in late 2023 and early 2024, then entered a long downtrend.

$SOL/$BTC Yearly Low Chart. Source: Ted on X

The latest move pushed $SOL/$BTC back to the zone seen before Solana’s meme coin activity helped drive stronger market attention. That means Solana has lost the relative strength it gained against Bitcoin during that speculative phase.

However, this chart tracks $SOL against $BTC, not $SOL against the U.S. dollar. So, it shows that Solana is underperforming Bitcoin, even if $SOL may still move differently in dollar terms.

The weekly candles also show steady lower highs through 2025 and 2026. Each recovery attempt failed below the previous major high, while price continued to move toward the October 2023 base.

Ted said $SOL has erased its entire speculative gain against Bitcoin. The chart supports that view because $SOL/$BTC has returned to the same range that existed before the meme season rally.

For now, the structure remains weak unless $SOL/$BTC reclaims the broken range above the current level. A stronger recovery would need higher weekly closes and a break from the lower high pattern. Until then, Bitcoin continues to lead Solana on this relative chart.

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