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Home News Crypto

Solana-Ether Ratio Hits 3-Month Low

by Team Lumida
June 20, 2024
in Crypto
Reading Time: 3 mins read
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Key Takeaways:

  1. The SOL/ETH ratio has dropped 35% in one month.
  2. Technical analysis indicates further potential declines for the SOL/ETH ratio.
  3. Possible outflows from Grayscale Ethereum Trust could temporarily boost the ratio.

What Happened?

The ratio of Solana (SOL) to Ether (ETH) has plummeted 35% over the past month, hitting its lowest point since March 13. According to TradingView data, the SOL/ETH ratio now stands at 0.038 on Binance.

Crypto trader and analyst Josh Olszewicz pointed out that the ratio has penetrated the Ichimoku Cloud support, a technical indicator that signals a bearish market trend. The failure of an ascending triangle pattern on the daily chart further supports this bearish outlook.

Why It Matters?

The decline in the SOL/ETH ratio underscores a significant shift in investor sentiment. The anticipation of a spot Ether ETF has spurred investors to move their funds from altcoins like Solana into Ether. This movement reflects broader market trends and investor preferences, especially given the historical context.

For instance, after the debut of spot Bitcoin ETFs in the U.S., the Grayscale Bitcoin Trust ETF experienced $6.5 billion in outflows. If a similar pattern emerges with the Ether ETF, it could keep ETH gains in check and influence the broader crypto market.

What’s Next?

Expect the SOL/ETH ratio to face continued pressure if the Ether ETF narrative remains strong. However, temporary recovery rallies could occur if outflows from the Grayscale Ethereum Trust materialize.

Olszewicz also speculates that Solana could see a boost if BlackRock were to apply for an ETF tied to SOL, though he considers this unlikely. Investors should watch for these dynamics as they could present short-term trading opportunities or signal longer-term trends in the crypto market.

Source: Coin Desk
Tags: Ether ETFSOL/ETH ratioSolana
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Disclaimer Important Information This site is for informational purposes only. Information presented on this site does not constitute as investment advice.

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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

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