Ethereum News Today: Ethereum May Outperform Solana as Rising Wedge Weakens SOL/ETH Pair

The Ethereum vs. Solana (SOL/ETH) trading pair has shown signs of weakening structure, suggesting that Ethereum may outperform Solana in the near term, according to analysis from CryptoBullet. The weekly chart reveals a rising wedge pattern forming, with price action confined between upward-sloping trendlines. This pattern is often seen as a precursor to a breakdown, indicating fading bullish momentum [1].

The rising wedge has developed from support levels near 0.043 ETH to 0.068 ETH, while resistance has held firm around 0.092 ETH. Currently, the pair is trading just above the lower trendline at approximately 0.06821 ETH, raising concerns over potential downward movement [1]. Analysts note that if this support level fails, the next key target is around 0.060 ETH. Further downside could bring the pair to 0.045 ETH, a significant horizontal support level from mid-2023 [1].

RSI readings also reinforce the bearish outlook. Despite a rising price within the wedge, the RSI has dropped from around 78 in late 2023 to 52, signaling weakening momentum. This bearish divergence often precedes a trend reversal, particularly when aligned with other technical indicators such as wedge patterns [1]. The current RSI level of 52 is the lowest since early 2024, and continued decline could further support downside risks for the pair [1].

Resistance levels between 0.085 and 0.090 ETH remain robust, limiting the pair’s ability to break out of the wedge. Without a strong and sustained move above this range, upward movement is unlikely to continue. Conversely, a breakdown below the wedge could lead to a sharp retracement, with key targets at 0.050 ETH and potentially as low as 0.035 ETH [1]. These levels represent previous consolidation zones and could act as reaction points during a bearish trend.

According to the analyst’s forecast, the combination of a weakening RSI, strong resistance, and the rising wedge pattern suggests that Solana will underperform Ethereum in the coming months. The critical price levels at both the top and bottom of the wedge are expected to play a key role in determining the direction of the pair [1].

Source: [1] Ethereum Set to Outpace Solana as Rising Wedge Pattern Weakens SOL/ETH Pair, Says Analyst (https://cryptofrontnews.com/ethereum-set-to-outpace-solana-as-rising-wedge-pattern-weakens-sol-eth-pair-says-analyst/)