This is a daily technical analysis of Coindesk analyst and chartered market technician Omkar Godbole.
Programmable Blockchain Solana is on course to turn its rival and leading smart contract Blockchain Ethereum in terms of market value, several observers have said it in recent months.
Currently, Ethereum’s native Tokenether Ethe seems to have an upper hand over Solana’s Sun Sol, according to technical analysis.
The Sun/ETH ratio has dived out of an upward sloping trendline connecting low in September 2023, June 2024 and December 2024, per. Data Source Trade. In other words, tables have turned an eth’s advantage and the token could surpass the sun in the short term.
In addition, the weekly diagram prints MACD histogram red, indicating a strengthening of downward momentum.
The immediate support will be seen on 0.055 (February 25 low). The pair must move back over the ichimoku cloud to negate the sun bearish outlook.
XRP is losing uptrend
Another coin showing a shift in the market trend is XRP, Cryptocurrency designed for cross -border payments.
XRP is diving out of a bullish rising channel and marks the recovery from early April -low near $ 1.6.
The division has postponed support to $ 2, which served as flooring several times early this year. Should the buyers not defend it, a deeper slide could be seen to $ 1.60.
On the higher side is the recent height of the $ 2.65 level to beat for bulls.
