Ethereum Sees 8% Drop, Solana Rises 9%: Understanding the Market Shift
In the last month, Ethereum has experienced an 8% decline, while Solana has seen a 9.5% increase, leading to discussions among traders regarding this notable disparity.
A crypto trader named Javon Marks highlighted Ethereum’s current price as indicative of a “hidden bull” scenario, reminiscent of a previous occurrence that resulted in a substantial 162% upsurge. Marks anticipates the potential for another significant upward movement, suggesting that prices might be gearing up for a substantial continuation.
He maintains a target of $4723.50, projecting a potential additional 48% surge. Marks views the Hidden Bull Divergence as one of several indicators signaling a sustained bullish trend.
Chart analyst Ali Martinez observed that despite ongoing fluctuations, Solana could be forming a bullish megaphone pattern on the 4-hour chart. Analyzing the situation through a technical lens, Martinez pointed out that the recent correction to the 61.8% Fibonacci level, coupled with an oversold RSI, presents an opportune moment for purchasing.
Martinez recommended setting a stop-loss in the range of $156-$154 and targeting profits between $200-$259. Another crypto trader noted that following Solana’s breakout from the previous consolidation range, it surged by an impressive 600%.
Data from IntoTheBlock indicated a 3.4% decrease in large transaction volumes and a 9.2% drop in daily active addresses. However, transactions exceeding $100,000 saw an uptick from 5,760 to 6,539.
On the other hand, Lookonchain data revealed that significant investors acquired 4,000 ETH, valued at $12.6 million. A trader boasting a purported 100% success rate disclosed engaging in seven Ethereum transactions between November 2022 and May 2024, accumulating profits exceeding $38 million.
This trader procured 17,012 ETH (equivalent to $61 million) at an average price of $3,587 since May 29 but incurred losses amounting to $7.6 million at the current price level.
DefiLlama data illustrated a surge in Solana’s total locked value, which escalated from $1.42 billion on January 1 to $5.08 billion as of August 2.
Looking ahead, the forthcoming Future of Digital Assets event by Benzinga on November 19 is anticipated to delve into Bitcoin’s role as an institutional asset class.
In conclusion, the recent performance of Ethereum and Solana has sparked intriguing discussions within the crypto trading community, with divergent price movements prompting varied analyses and predictions for future market trends.
