Crash

Ethereum

Solana

Gains

Note

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/solana-gains-after-market-crash" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana Gains After Market Crash</a><br></p>
<p style="text-align: justify">Following Monday’s market downturn, notable developments emerged, particularly concerning <a href="https://en.bitcoinhaber.net/solana-ecosystem-soars-exciting-developments-and-nft-frenzy" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana</a>. During the turmoil, SOL reached a new high against Ethereum. On August 7, SOL climbed to $153.8 while Ethereum was valued at $2,516. Both cryptocurrencies saw substantial price hikes after the market’s significant correction.</p>
<h2 id="why-is-the-sol-eth-pairing-important">Why is the SOL/ETH Pairing Important?</h2>
<p style="text-align: justify">According to TradingView data, the SOL/ETH ratio stands at 0.061. This ratio gauges Solana’s value in comparison to Ethereum. A dip in the ratio indicates Ethereum’s better performance, while an increase signifies the opposite. This milestone is noteworthy, as Ethereum hit a yearly low of $2,114 earlier in the week.</p>
<p style="text-align: justify">SOL’s price also plummeted to $110.23 for the first time in months. However, it rebounded, registering a 30% increase, compared to Ethereum’s 9.68% rise, leading to the current ratio.</p>
<h2 id="what-does-the-solana-chart-show">What Does the Solana Chart Show?</h2>
<p style="text-align: justify">The daily chart for Solana reveals a wedge formation, offering significant insights for <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> since March. The lack of breakouts in support or resistance emphasizes a crucial phase. Recently, Solana’s price broke the EMA 200 average after touching the support line.</p>
<p style="text-align: justify">The key support level on the daily chart is $146, aligned with the EMA 200 average. A daily close below this could trigger a price drop. The critical resistance level to monitor is $158, corresponding to the EMA 21 average.</p>
<h2 id="investor-takeaways">Investor Takeaways</h2>
<p style="text-align: justify">– Monitor the SOL/ETH ratio for indication of relative performance.<br> – Keep an eye on Solana’s support level at $146 and resistance at $158.<br> – Note the wedge formation on the daily chart for potential <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> price movements.</p>
<p style="text-align: justify">In conclusion, Solana’s recent market activity has garnered attention, particularly in its performance against Ethereum. Investors should closely watch the identified support and resistance levels for future price action cues.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/solana-gains-after-market-crash" data-wpel-link="internal" rel="noopener noreferrer nofollow">Solana Gains After Market Crash</a></h5>

Solana Gains After Market Crash

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