Despite some volatility in the altcoin space, Ethereum competitor Solana continues to be the one of top-performing assets in the top ten crypto list. The SOL price has surged to $44 as Solana eys its next move to $50 as big players like VanEck see massive opportunity.
Solana Price ActionsAmid FTX Transfers
As per on-chain data, the crypto exchange FTX has been moving massive sums of its Solana holdings to exchanges. Despite this, the SOL bulls continue to absorb the selling pressure on the altcoin.
As per data by Spot on Chain, FTX and Alameda transferred nearly $40 million to exchanges in the last 24 hours. This is in continuation of the massive transfers happening over the past few weeks.
— Spot On Chain (@spotonchain) November 8, 2023
After experiencing a market surge, SOL’s price has embarked on an upward trajectory, shaping a rising channel pattern. Notably, Solana achieved a remarkable breakthrough of a pivotal resistance at $28.16, marking the first time since July.
Should the bulls muster their strength and conquer the resistance barrier at $42.50, the Solana price might regain momentum and set its sights on the upper resistance level at $46.83. Maintaining a foothold at this level could pave the way for an attempt to reach the significant resistance at $50 later this month.
Encouragingly, the 50-day Exponential Moving Average (EMA) has consistently provided support for the price, indicating the potential for an upcoming bullish reversal.
However, a breach of the rising support trendline could lead to a loss of momentum, with the price potentially testing the support level at $38.77 in the near term. In the event of a trend reversal, further downward movement could take the price to a lower support level of $33.29 in the coming days.
Performing Like An Ethereum Killer
Solana has been performing like a true Ethereum killer while gaining an edge over the largest altcoin. According to a recent report by Kaiko Research, the Solana (SOL) to Ethereum (ETH) ratio has exhibited a consistent rally since September. This rally has brought the ratio back to the levels it held before the crypto exchange FTX’s collapse in November 2022.
In this context, a rising SOL/ETH ratio signifies that SOL is outperforming ETH, whereas a declining SOL/ETH ratio indicates that SOL is underperforming in comparison to ETH. In its research report, Kaiko noted:
“Since September, SOL has been the clear outperformer, with the ratio between the two jumping from 0.011 to nearly 0.025, breaking the ratio from just before FTX’s collapse.”
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.