Solana-to-Ethereum Price Ratio (SOL/ETH) Touches Surprise All-Time High

That initial excitement swiftly faded as the ratio retreated further, reflecting trader hesitation.

Solana (SOL) exhibited a swift spike and pullback against Ethereum (ETH) on Thursday morning. The Solana-to-Ethereum price ratio (SOL/ETH) hit a surprise all-time high earlier today.

This initially highlighted Solana’s strong relative momentum. However, the ratio pulled back sharply from the highs, indicating that traders were quickly shifting back into Ethereum.

Solana was trading down 1.4% in the past hour at 0.08582 ETH. In the last 24 hours, the Solana price dropped 1.9%. However, over the past week, SOL had risen 6.3%, showcasing resilience and a continuing bullish trend since mid-2023.

Solana's (SOL) price climbed 1.20% over the past 24 hours to $140.63. After opening today’s trading session at around $139.00, the price dipped to $135.50 before rebounding.

The rebound wasn't just technical; it showed traders quickly bought the dip, forming higher lows. A strong breakout occurred near the $138.50 level, pushing prices above $140. After briefly testing levels above $142, the price was consolidating between $140 and $141.

Key support is still seen at $135.50, while $138.00 is now acting as a floor on any further declines. On the upside, $142.00 is providing resistance, and the next psychological barrier is at $144.00.

Solana's spike-then-retreat suggests reactive trading volatility, not yet confirming a durable uptrend, according to analysts at FX Empire.

Ethereum's Measured Gains Supported by Volume

Meanwhile, Ethereum showed more measured gains throughout the morning, displaying resilience as it remained above key support levels and highlighting its enduring position in the crypto market.

While Solana displayed flashes of swift momentum, perhaps reflecting short-term traders' activity, Ethereum's behavior was more consistent with long-term investor confidence.

As reported by CoinGecko, Ethereum was trading at $1,650.17, indicating a 0.44% increase over the past 24 hours. After commencing the day at approximately $1,591, the price briefly touched $1,570 before stabilizing.

Later, as the price broke through the $1,600 level with rising volume, it continued a gradual ascent, finally reaching the apex of around $1,653. Currently, the price is consolidating close to its intraday peak, showcasing strength.

Support is evident at $1,570, followed by $1,600. On the other hand, resistance is anticipated between $1,653 and $1,655, with the next potential target being $1,675 if the present momentum persists.

Furthermore, Ethereum's gains were smoother and supported by a 59.55% surge in trading volume, signaling strong buyer conviction.