Solana’s Bull Run Against Ethereum Ends as XRP Declines
Technical analysis summary by CoinDesk analyst Omkar Godbole.
Solana (SOL) is approaching a potential market capitalization flip with Ethereum (ETH), but current technical indicators favor ETH:
- SOL/ETH ratio fell below an upward trendline.
- ETH is positioned to outperform SOL in the near term.
- MACD histogram shows increasing downside momentum.
- Immediate support for SOL at 0.055, with a need to rise above the Ichimoku cloud to reverse the bearish outlook.
XRP Trend Analysis
XRP has exited a bullish ascending channel, indicating a shift in market trend:
- Support now at $2, previously acting as a floor.
- A failure to maintain this level could lead to a drop to $1.60.
- Resistance level for bulls at recent high of $2.65.
