Solana’s 18-Month Bull Market Relative to Ether Concludes; XRP’s Short Uptrend Comes to an End

This analysis is conducted daily by a technical expert and market analyst.

The programmable blockchain known as Solana appears to be on a trajectory to surpass its competitor Ethereum in terms of market cap, as noted by various observers in recent months.

Nevertheless, at this moment, Ethereum’s native token, ETH, appears to hold an advantage over Solana’s SOL, based on technical assessments.

Data indicates that the ratio of SOL to ETH has broken below an upward trendline that connected the lows from September 2023, June 2024, and December 2024, suggesting that ETH may outperform SOL in the short term.

Moreover, the MACD histogram on the weekly chart is displaying red bars, signaling an increase in downward momentum.

The immediate support level is located at 0.055, corresponding to the low from February 25. The pair must rise above the Ichimoku cloud to reverse the bearish outlook for SOL.

XRP loses uptrend

XRP, the cryptocurrency intended for cross-border transactions, is exhibiting a similar change in market direction.

The price of XRP has broken out of a bullish ascending channel, marking a retreat from the early April lows around $1.6.

This decline has revealed support at the $2 level, which served as a stronghold multiple times earlier this year. If buyers cannot maintain this level, a further decline to $1.60 may occur.

On the upside, the recent peak of $2.65 is a crucial target for bullish traders to overcome.