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After Monday’s market crash, interesting things happened; this time, Solana takes the spotlight. During this process, SOL’s price set a new record against Ethereum. Early on August 7, SOL rose to $153.8, while Ethereum traded at $2,516. Both assets experienced significant price increases after the broader market previously faced a notorious correction.
SOL/ETH Pairing Draws Attention
According to TradingView data, the SOL/ETH ratio is 0.061. This ratio measures the value of one Solana token relative to one Ethereum. If the ratio falls, it means Ethereum’s price is performing better than Solana’s. However, as of the time of writing, an increase implies the opposite. This milestone might be related to their respective prices. Earlier in the week, Ethereum reached an annual low of $2,114.
SOL’s price also fell to $110.23 for the first time in months. However, since then, SOL has recorded an increase of over 30%, while Ethereum only managed a 9.68% rise, leading to the milestone shown below.
As many market participants might want to call it, this repricing may not surprise some. Several times, investors have expressed the view that SOL could surpass ETH in market cap. Although this has not happened, the rising price indicates that it is not impossible.
Solana Chart Analysis
The daily Solana chart highlights a wedge formation. This formation has been providing significant clues for investors since March. The absence of any support or resistance breakouts indicates an important process. Finally, after touching the support line, Solana’s price managed to break the EMA 200 average.
The most important support level to watch on the daily Solana chart is $146, which corresponds to the EMA 200 average. A daily bar close below this level could cause SOL’s price to drop. The most important resistance level to watch during this process is $158, which corresponds to the EMA 21 average.
