📉 Is Solana ($SOL ) Price About To Crash? #Ethereum 30D Inflows Spike 380%
Solana (SOL) price is at risk of losing the battle for dominance to Ethereum after the latter recorded a 380% surge in exchange netflows, suggesting that traders may be rotating capital from SOL to ETH.
This capital rotation might have a negative impact on Solana and potentially trigger a massive crash.
Solana price is at the risk of trending downwards as on-chain data hints that retail traders may be shifting their attention from other altcoins to Ethereum, as the largest altcoin defends the support zone between $1,750 and $1800.
This resilience has sparked a 380% surge in ETH exchange netflows in the last 30 days, per IntoTheBlock data, which is an indication that market interest is notably high.
Besides the surge in exchange netflows, large transaction volumes have also spiked by 133%, hinting that whales are also actively trading ETH as the sentiment around this altcoin changes to “mostly bullish.”
Data from Artemis also supports a bearish Solana price prediction and the thesis that the SOL price is losing its competitive edge over Ethereum after the latter ranked with the highest netflows in the last month.
During the same period, Solana did not even rank among the top 20 coins in terms of network netflows.
With the on-chain data favouring Ethereum, the Solana price may be on the verge of a massive crash and could soon lose its critical support level.
Such a dip could shift the trend in the SOL/ETH ratio that has been on an uptrend for months after Ethereum underperformed against SOL.