This Chart Is Pro-Solana: Is It Time To Sell ETH For SOL?
04 Outubro 2023 - 10:00PM
NEWSBTC
For the last two years, Ethereum (ETH) has outperformed Solana
(SOL), looking at the performance in the weekly chart. However,
according to one technical analyst on X, this is about to change,
especially considering the candlestick arrangement of the SOLETH
chart on the weekly chart. Will SOL Outperform ETH In 2024
And 2025? Sharing a screen grab, the analyst who goes by the
handle “CryptoGodJohn” on X is optimistic, saying at spot rates,
this can be the “right” time for traders to swap their ETH for SOL
before the next leg up that will push SOL higher in the next two
years. However, whether this will pan out remains to be seen.
What’s evident is that the path of least resistance appears
northwards, looking at price charts. At the time of writing, SOL is
up 71% versus ETH from June. Moreover, zooming in closer, SOLETH
prices are teetering around critical resistance levels. Although
trading volumes are relatively light and cannot be compared with
those of late Q2 2023, sentiment is beginning to shift and favors
SOL bulls. The sharp expansion in the year’s second half could be a
statement. Related Reading: Is XRP Growth Real Or Just Smoke
And Mirrors? Here’s What Liquidation Data Shows The SOLETH is at
0.0134 ETH level, a liquidation level that was last retested in
July and January 2023. If buyers push harder, lifting the coin
above the 0.0162 ETH level at the back of rising trading volumes,
bulls of mid-July will be confirmed. In that case, SOL might
stretch gains towards the 0.0265 ETH level and return to the
September 2022 zone. Even so, although traders are optimistic, it
is not immediately clear how prices will react at spot levels. As
it is, the SOLETH in the weekly chart is facing rejection. The
present bar has a long upper wick, pointing to a possible sell-off
in lower time frames. Will Solana Bulls Reverse The Post-FTX
Collapse Free-Fall Of Q4 2022? Additionally, SOLETH prices are
still defined by the early November 2022 bear candlestick. The bear
candlestick is wide-ranging and has high trading volumes, pointing
to the rapid conversion of SOL to ETH in a moment of fear.
Around this time, FTX, a once-popular cryptocurrency exchange,
collapsed. In 2021, FTX and Alameda Research, the trading wing
linked to Sam Bankman-Fried, the CEO of FTX, invested $100 million
in the Solana Foundation. Related Reading: FTX’s FTT Price
Skyrockets 20%: Here’s Why the Rally Has Just Begun It is said that
FTX and Alameda Research controlled over 50 million SOL. The
community feared that with FTX filing for bankruptcy, the over 50
million SOL would likely be sold to repay creditors. In the
sessions ahead, whether SOL will reverse the post-FTX collapse drop
remains to be seen. Should it happen, SOL gains at least 50% versus
ETH. Feature image from Canva, chart from TradingView
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