This is just a theory based on how the SOL/ETH chart is currently setup.
Right now ETH has been the shining star as most money has bee n outflowing from other coins to participate in the ETH pump.
Once ETH starts to cool down it is likely traders will look to then outperform ETH through other assets. My guess is SOL will be one of those assets due to the way SOL/ETH chart is currently laid out.
Few reasons for this:
- SOL/ETH Weekly RSI is nearing oversold conditions
- SOL/ETH is near 0.618 (~0.04) of its macro move.
- SOL/ETH 'S WEEKLY 200 ma is around (~0.037) *This is likely to be a low if the 0.618 is not our low.*
- The 0.037 level is also where we found our JUNE 2024 LOW before an almost 300% move.
Therefore, if we see SOL/ETH hold as support between 0.037-0.04 then that is likely the low and SOL should start to outperform ETH. If we see this theory play out then we could see a move to the red box/ white line. That would be an outperform of almost 50% from these current levels.
Right now ETH has been the shining star as most money has bee n outflowing from other coins to participate in the ETH pump.
Once ETH starts to cool down it is likely traders will look to then outperform ETH through other assets. My guess is SOL will be one of those assets due to the way SOL/ETH chart is currently laid out.
Few reasons for this:
- SOL/ETH Weekly RSI is nearing oversold conditions
- SOL/ETH is near 0.618 (~0.04) of its macro move.
- SOL/ETH 'S WEEKLY 200 ma is around (~0.037) *This is likely to be a low if the 0.618 is not our low.*
- The 0.037 level is also where we found our JUNE 2024 LOW before an almost 300% move.
Therefore, if we see SOL/ETH hold as support between 0.037-0.04 then that is likely the low and SOL should start to outperform ETH. If we see this theory play out then we could see a move to the red box/ white line. That would be an outperform of almost 50% from these current levels.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.