Looking at price performance against the U.S. dollar, Solana’s rate has soared 45% year-to-date versus Ether’s 16.30% gains, according to data tracked as of Aug. 26. That has led to remarkable growth in the widely traded SOL/ETH pair, which is up by over 30% in the same period.
However, fresh signals indicate Solana’s potential upside exhaustion against Ether in September and the months afterward.
SOL Risks Wiping Its 2024 Gains Versus ETH
At least two technical factors suggest a potential price correction in the SOL/ETH pair ahead.
First, as of Aug. 26, Solana was trading closer to the upper trendline of its prevailing ascending channel pattern, which has historically preceded sharp corrections toward the channel’s lower trendline.
In other words, a pullback from the upper trendline—if accompanying a rise in trading volumes—risks crashing SOL/ETH toward 0.041 ETH, thus wiping out its 2024 gains entirely.
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