Solana’s long bull run is over 18 months against Ether; XRP finalizes the mini-utrend
This is a sunny technical examination of coindesk analyst and chartered market technician Omkar Godbole.
Programmable Blockchain Solana is on course to flip its rival and lead the Smart Contract Blockchain Ethereum in terms of market capitalization, many observers said This in recent months.
To date, however, the native token ether of Ethereum seems to have an upper hand in Sola’s Sol Sol, according to technical analysis.
The Sol/Eth ratio dives out of an upward sloping trendline connecting lows in September 2023, June 2024 and December 2024, per tradingview resource data. In other words, the tables turned in the ETH favor and the token could survive Sol in the near season.
In addition, the weekly MacD Histogram chart prints red, indicating the boost of the downside momentum.
Immediate support can be seen at 0.055 (low Feb. 25). The pair had to move above the ichimoku cloud to neglect the SOL BEARISH’s perspective.
XRP has lost the uptrend
Another coin that shows a transfer to the market trend is the XRP, the cryptocurrency designed for cross-border payments.
The XRP dives out of a bullish ascending channel, which marks recovery from early April near $ 1.6.
The breakdown exposed the support of $ 2, which acted as the floor several times early this year. If consumers fail to defend that, a deeper slide to $ 1.60 will be seen.
In the higher part, the recent high of $ 2.65 is the level to defeat for bulls.
