SPIN ALERT!
#solana loses its WINNING streak of 18 months against #Ethereum
Is it time for #ETH to reclaim the crown?
One of the most dominant narratives in the last year and a half in the crypto space has been the spectacular performance of Solana (SOL) compared to Ethereum (ETH). However, a new technical analysis by Omkar Godbole of the #sol /ETH ratio suggests that Solana's 18-month bull cycle has come to an end.
Data from TradingView indicates that the SOL/ETH ratio has plummeted below a crucial upward trendline connecting the lows since September 2023.
End of SOL Supremacy: The SOL/ETH ratio has significantly dropped, breaking an 18-month upward trendline. This suggests that the period in which Solana consistently outperformed Ethereum has concluded.
Ethereum Could Outperform SOL in the Short Term: Technical analysis points to a reversal, meaning that Ethereum (ETH) could begin to perform better than Solana (SOL) in the near future.
Clear Bearish Signals: The MACD histogram on the weekly chart is in red, indicating strengthening bearish momentum for SOL against ETH.
Key Levels to Watch: Immediate support for the SOL/ETH ratio is at 0.055 (the low from February 25). To counteract the bearish outlook, the pair would need to regain the Ichimoku Cloud.