Part 3/9:
The Solana BTC ratio is crucial in forecasting potential price developments. Unfortunately, the chart shows that Solana hasn’t made a new high against its Bitcoin valuation for 2023-2024. While it has experienced a substantial comeback from a low of $10 to $250, this growth is less remarkable when stacked against other altcoins vying for Bitcoin's favor during a bull market.
Utilizing the Fibonacci retracement tool, it becomes evident that Solana bounced to the 0.618 level on the Solana BTC ratio chart—behavior typical of altcoins in the second market cycle. Overall altcoin performance seems to replicate this pattern from previous cycles, illuminating the average movements in the altcoin market. This backdrop casts doubt on whether Solana can outpace Bitcoin in this cycle.