- The pair trades near wedge support at 0.06821, with RSI divergence indicating fading momentum.
- Solana rose 2.37% to $166.92, while Ethereum gained 2.13% to $3,628.17 in the last 24 hours.
- Despite Solana’s higher daily percentage, ETH held stronger peaks throughout the session.
In a recent observation, the SOL/ETH pair has advanced over the past 18 months, forming a rising wedge with uniform upward moves. Recent chart activity shows momentum weakening near the wedge’s lower boundary, with RSI divergence signaling potential pressure on Solana’s strength as both assets gained over 2%.
Ethereum Edges Ahead of Solana in Daily Gains
Tracking the price action in the two assets, the CoinMarketCap chart indicates that Solana traded at $166.92, reflecting a 2.37% increase over the last 24 hours. Meanwhile, Ethereum recorded a price of $3,628.17, gaining 2.13% within the same course. However, the price trajectory shows Ethereum maintaining higher gains throughout most of the session.
Source: CoinMarketCapIt can be observed that SOL experienced a sharper decline before rebounding late into the session. Both assets demonstrated similar directional moves, but Ethereum’s peaks remained above Solana’s on the percentage scale.
SOL/ETH Chart Structure Signals Possible Breakdown
According to an analysis prepared by Crypto Bullet, the SOL/ETH weekly chart shows a rising wedge pattern that has formed over the past 18 months. During this time, Solana gained against Ethereum, with the pair advancing from 0.010 to nearly 0.090. The upward channel produced a sequence of higher highs and higher lows, contained by two converging trendlines.
Source: XSince May 2023, the price has remained within this formation, showing reduced momentum on each upward move. Recent trading activity places the current weekly candle near the wedge’s lower boundary at 0.06821.
The week’s low reached 0.06803, marking increased downside pressure at a key support level while the RSI index has traced a different path. Since November 2023, it has declined, forming lower highs despite higher price action on the chart. This divergence between price and RSI echoes weakening bullish strength in the current uptrend.
Price Structure Aligns With RSI Divergence
The combination of a rising wedge and declining RSI shows a possible loss in upward momentum. While price remains inside the wedge, technical pressure is building at the support line. A major red arrow appears on the chart, pointing below the wedge’s support, indicating potential breakdown risk.
A move under the lower boundary may trigger a significant retracement in the SOL/ETH ratio. Solana has performed strongly in recent months but now faces a shifting structure. If the wedge breaks, the chart points to Ethereum gaining against Solana.
The SOL/ETH pair currently trades above 0.068, but momentum appears to be fading. RSI readings remain on a downward trend. If the support line fails, the pair could retreat toward 0.050 in the coming sessions.
