Ethereum Down 8% Last Month, Solana Up 9%: What Is Going On?
Portfolio Pulse from Khyathi Dalal
Ethereum (ETH) is down 8% over the past month, while Solana (SOL) is up 9.5%. Traders are debating the reasons behind this divergence. Ethereum shows signs of a potential bullish trend, while Solana's technical indicators suggest a buying opportunity. Large transaction volumes and daily active addresses for Ethereum have dropped, but transactions over $100,000 have increased. Solana's total value locked has significantly increased since the beginning of the year.
August 02, 2024 | 4:50 pm
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POSITIVE IMPACT
Ethereum is down 8% over the past month, but traders see potential for a bullish trend. Large transactions over $100,000 have increased, indicating interest from 'smart money'.
Despite the recent dip, indicators such as increased large transactions and predictions of a bullish trend suggest a potential price increase for Ethereum in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
Solana is up 9.5% over the past month. Technical indicators suggest a buying opportunity, with a potential price target between $200-$259.
Solana's recent price increase and technical indicators suggest a continued bullish trend, making it a potential buying opportunity in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 100