Over the past two years, Ethereum (ETH) has outperformed Solana (SOL) when looking at its weekly chart performance. However, according to a technical analyst at
Will SOL outperform ETH in 2024 and 2025?
Sharing one grab screenthe analyst running ‘CryptoGodJohn’ on period will push higher. two years.
However, whether this will actually succeed remains to be seen. What is clear is that the path of least resistance appears to be north, looking at the price charts.
At the time of writing, SOL is up 71% against ETH from June. Furthermore, if we zoom in further, SOLETH prices are teetering around critical resistance levels. While trading volumes are relatively light and cannot be compared to late Q2 2023, sentiment is starting to shift and SOL bulls have been favored. The sharp growth in the second half of the year could be an explanation.
The SOLETH is at the 0.0134 ETH level, a liquidation level last retested in July and January 2023. If buyers push harder and lift the coin above the 0.0162 ETH level due to rising trading volumes, the bulls will be confirmed in mid-July. . In that case, SOL could extend gains to the 0.0265 ETH level and return to the September 2022 zone.
However, while traders are optimistic, it is not immediately clear how spot prices will react. As it stands now, SOLETH is facing rejection on the weekly chart. The current bar has a long upper wick, indicating a possible sell-off on lower time frames.
Will Solana Bulls reverse the freefall following the Q4 2022 FTX collapse?
Moreover, SOLETH prices are still determined by the bear candlestick from early November 2022. The bear candlestick is wide-ranging and has high trading volumes, indicating the rapid conversion of SOL to ETH in a moment of fear.
Around this time, FTX, a once popular cryptocurrency exchange, collapsed. In 2021, FTX and Alameda Research, the trading wing affiliated with FTX CEO Sam Bankman-Fried, invested $100 million in the Solana Foundation.
It is said that FTX and Alameda Research controlled more than 50 million SOL. The community feared that now that FTX’s bankruptcy filing would likely sell the more than 50 million SOL to repay creditors.
In the coming sessions, it remains to be seen whether SOL will reverse the decline following the collapse of the FTX. If this happens, SOL will gain at least 50% against ETH.
Feature image from Canva, chart from TradingView