Bitcoin vs. Solana: Which Crypto Will Come Out on Top in 2023?

Based on the 4-hour technical analysis chart above, it appears that Bitcoin has surged above its 200-day moving average, which bodes well for those who are bullish on the cryptocurrency. Despite this positive trend, Bitcoin has thus far been unable to surpass its $25,000 price point, which has resulted in a sustained decline in value. 

BTC/USDT 4-hour Technical Analysis 

Of note, the coin has established a weak high of $25,258 that now represents a formidable resistance level. Should Bitcoin fail to break its 200-day moving average, which acts as a primary support, it could drop back down to $21,000.

In addition, the Relative Strength Index (RSI) value for Bitcoin currently stands at 56.20, which suggests that investors are continuing to accumulate rather than offloading the cryptocurrency. Nonetheless, potential latecomers to the market should exercise caution and pay attention to potential reversal patterns in order to optimize their risk-to-reward ratio.

SOL/USDT 4-hour Technical Analysis 

The 4-hour technical chart for Solana, a popular coin among NFT enthusiasts, indicates that the asset has recently returned to the 200-day moving average after experiencing a downturn due to the FTX exchange crash. 

Although Solana has been trading above the 200-day moving average, the asset has faced some volatility and dipped below the line in February 2023 before recovering and trading higher. If Solana can break the $30 price level, it's likely that the asset will continue to climb to its resistance level of $34. 

Another indicator, the Relative Strength Index indicator indicates that Solana's RSI is displaying at 55.59, which is in a good market trend at the moment. If more buyers are playing the market, there will be more possibilities of a bull run for Solana.

However, in the event of a market downturn, Solana could potentially experience a price drop to the $20 level.