Solana Hits All-Time High Against Ether, Outperforms Bitcoin in Crypto Rebound

The price of Solana (SOL) has surged significantly compared to Ether (ETH), reaching a new peak difference between the two, which is approximately 6.2%. Over the last day, this increase amounts to 7.5%, and over the past week, it’s up by 13.6%. This data is provided by CoinGecko. Meanwhile, ETH has dropped to a three-year low compared to Bitcoin (BTC). Since May, when the SEC unexpectedly indicated its intention to approve spot Ether ETFs, ETH has actually lost relative value against BTC.

Over the past week, which includes this weekend’s market chaos, Solana (SOL) stood out as the top performer among major cryptocurrencies in the CoinDesk 20 Index, experiencing a decrease of approximately 11%. In contrast, Bitcoin (BTC) and Ethereum (ETH) saw declines of 14% and 25%, respectively.

In a recent analysis, David Zimmerman from K33 Research stated that despite the recent market crash, Solana (SOL) and its related coins continue to appear promising, particularly when compared to other alternative cryptocurrencies. Interestingly, SOLETH has reached a new all-time high since the selloff, and the SOLBTC pair also shows strength. Remarkably, both ended the days of widespread panic in a positive trend.

As a researcher delving into the digital asset market, it’s crucial to stay vigilant about potential risks, such as the circulating speculation surrounding Jump Crypto’s alleged decision to wind down its digital asset operations. Data analysts monitoring blockchain activity have pointed out that wallets associated with Jump have transferred ETH to exchanges this weekend and liquidated approximately $500 million of ETH over the past two weeks. It’s worth noting that Jump has been a significant early backer of the Solana ecosystem, and is currently leading the development of the network’s anticipated Firedancer upgrade. This news, if confirmed, could have significant implications for the broader digital asset market.

Although there’s some ambiguity, SOL appears robust, so let’s not make it more complicated than it needs to be, Zimmerman advised. If you’re considering long positions, SOL seems like a straightforward choice.

Based on predictions from crypto research firm Delphi Digital made earlier this year, the superior performance might persist, aiming for a 1:10 price differential with Ethereum (ETH), translating to an 80% increase in value.