The End of Solana's Long Bullish Run Against Ethereum; XRP's Uptrend Comes to a Halt
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The End of Solana's Long Bullish Run Against Ethereum; XRP's Uptrend Comes to a Halt

A technical analysis indicates that Solana's long-term bullish performance against Ethereum has concluded, with signs of an impending trend reversal for XRP.

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Key Insights:

  • The SOL/ETH ratio suggests the end of a drawn-out uptrend, with Ethereum showing signs of strength.
  • XRP appears to have exhausted its recovery trend from earlier April lows.

Overview The programmable blockchain Solana was previously expected to surpass Ethereum in market capitalization, as recently noted by several analysts.

However, as of now, Ethereum’s cryptocurrency, ETH, holds a competitive edge over Solana’s SOL. The SOL/ETH ratio has broken through an upward trend line, which has influenced market predictions favoring ETH.

SOL/ETH Ratio Source: TradingView

Market Trends

The latest readings from the weekly MACD histogram suggest a shift toward downward momentum. Immediate support for the SOL/ETH pair rests at 0.055, requiring a resurgence above the Ichimoku cloud to dismiss a bearish view on SOL.

XRP’s Market Position Another cryptocurrency exhibiting a trend shift is XRP, designed primarily for cross-border transactions. After breaking out of a bullish channel, XRP’s price has slid below critical support at $2, which could lead to further declines if buyers do not step in to defend it.

XRP’s Chart Source: TradingView

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