$SOL
🚨 Solana Price Under Pressure After Ethereum pectra 🚨
Solana price is at risk as Ethereum eyes massive gains since the Pectra upgrade. While ETH has gained by around 20% since the event, SOL has surged by around 10% within the same period. As Ethereum outpaces Solana, the SOL/ETH ratio has plunged to its lowest level in nearly a month.
The steep decline in the ratio has seen it lose critical support at 0.074, and as the downtrend continues, it will likely reach 0.064 in the near term. The plummeting RSI shows that the bearish momentum is weak, further making the case for the SOL price to continue losing against Ethereum.
Meanwhile, BitMEX co-founder Arthur Hayes notes that it is now “fundamental season.” The statement comes as data from Coinglass reveals that in the last 24 hours, ETH recorded $248M in spot inflows, three times higher than Solana’s $94M
Data from DeFiLlama further supports the case that a Solana price surge to all-time highs may take longer, as ETH leads in transaction volumes. In the last 24 hours, Ethereum transactions reached 1.5 million, marking the highest level since January 2024.
activity due to the meme coin trading frenzy. However, if Ethereum reclaims its top position, it may impact SOL price, which will see the Solana rally to $180 taking longer to be achieved.