With the recent ETH etf hype, I thought it was time to check back up on my SOL/ETH chart and as expected there have been some major developments.
Based on the chart it looks like ETH with take back the throne and out perform SOL for the time being. What this chart shows is that we have seen major supply (or Solana being converted into ETH) in this red box.
This has also created a triple bearish divergence on the weekly with higher highs vs lower highs on the weekly RSI.
Once SOL/ETH is able to break above that red box, we will see Solana take back the throne and enter its massive bull market.
Based on the chart it looks like ETH with take back the throne and out perform SOL for the time being. What this chart shows is that we have seen major supply (or Solana being converted into ETH) in this red box.
This has also created a triple bearish divergence on the weekly with higher highs vs lower highs on the weekly RSI.
Once SOL/ETH is able to break above that red box, we will see Solana take back the throne and enter its massive bull market.