"Is Solana's Rally Over…Ethereum Rising, While XRP Faces Renewed Downward Pressure"
Summary
- "It was reported that Solana (SOL)'s 18-month bull rally appears to be technically coming to an end."
- "Ethereum (ETH) is showing a relatively strong trend and may have the edge over Solana moving forward."
- "XRP is said to have ended its short-term uptrend and, if it breaks below the $2 level, may have further downside risk toward $1.60."
There are signs that Solana (SOL)'s 18-month rally may be coming to a technical end, whereas Ethereum (ETH) appears to be shifting to a relatively stronger trend, according to analysis. XRP is also said to be finishing its rebound and once again facing downward pressure.
On the 29th (local time), crypto-specialized media outlet CoinDesk reported, "Solana's relative value against Ethereum (the SOL/ETH ratio) has broken below the uptrend line connecting the lows of September 2023, June 2024, and December," adding, "this suggests that Ethereum could show relative strength over Solana going forward."
Technical analysis indicates that XRP's downward pressure is also intensifying. The media stated, "XRP, as well, is winding down its short-term uptrend and is facing correction pressure. Recently, it broke below the lower end of its rising channel," and added, "Currently, the $2 level—which has served as support several times—is the primary downside support zone. If this area is breached, there is additional downside potential toward $1.60."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
