{"id":26129,"date":"2024-08-07T20:00:44","date_gmt":"2024-08-07T17:00:44","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=26129"},"modified":"2024-08-07T10:47:38","modified_gmt":"2024-08-07T07:47:38","slug":"solana-analysis-sol-eth-ratio-hits-new-all-time-high","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/solana-analysis-sol-eth-ratio-hits-new-all-time-high\/","title":{"rendered":"Solana Analysis: SOL\/ETH Ratio Hits New All-Time High"},"content":{"rendered":"

Like Bitcoin and Ethereum, the Solana<\/strong> price dropped drastically below the $165 and $150 levels. It traded even below the $120 support before the bull’s arrival. A low developed at $109, and SOL<\/strong> <\/a>has lately begun a wave of recovery.<\/p>\n

One moved above the levels of $120 and $135 resistance. From the $184 swing high to the $109 low, the price rose above the 50% Fib retracing level of the downfall. On the hourly chart of the SOL\/USD pair<\/strong>, it also broke above a crucial negative trend line with resistance around $136.<\/p>\n

Solana<\/strong> is trading presently above both the 100-hour simple moving average and $145. Positively, the price is encountering opposition close to the $155 level. It approaches the 61.8% Fib retracing level of the negative movement from the $184 swing high to the $109 low.<\/p>\n

Near the $166 level, the next significant opposition is A good close over the $166 resistance could determine the rate of another consistent rise. The next important resistance comes close to $184. Any more increases might take the price toward the $195 threshold.<\/p>\n

SOL<\/strong> can initiate another downturn if it falls short of rising over the $155 resistance. Initial support on the downside falls close to $140. The first main help falls close to $135.<\/p>\n

A breach below the $135 mark might guide the price toward $122. Should there be a closing below the $122 support, the price might drop in the near future toward the $110 support.<\/p>\n

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