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Solana (SOL/USD) Continues to Soar, Ethereum (ETH/USD) Consolidating Recent Flash Crash

Solana (SOL/USD) Continues to Soar, Ethereum (ETH/USD) Consolidating Recent Flash Crash

Nick Cawley, Strategist

Ethereum (ETH/USD), and Solana (SOL/USD) Price, Chart, and Analysis

  • Solana continues to print fresh record highs.
  • Double-digit percentage gains in popular alt-coins seen.
  • Ethereum’s slow recovery continues in oversold conditions.

The alt-coin market has seemingly brushed off Monday’s heavy sell-off and continues to forge higher with a range of in-vogue coins printing double-digit percentage gains and some fresh all-time highs. While Bitcoin and Ethereum are slowly regaining recent losses, Solana continues to soar into unchartered territory and now trades above $200 after opening the year at under $2.

Solana (SOL/USD) Continues to Soar, Ethereum (ETH/USD) Consolidating Recent Flash Crash

Data via Coinmarketcap

Solana’s popularity as an alternative to Ethereum in the DeFi, smart contract, and NFT space continues to attract buyers and has now seen SOL over Ripple to become the 6th largest cryptocurrency by market capitalization. If Solana is a genuine competitor to Ethereum, holders of SOL will be encouraged by news that analysts at Standard and Chartered Bank recently put a value of between $26k and $35k on Ethereum, a valuation that would allow Solana to appreciate even further, if it came to pass. The recent surge in volume in Solana shows the market’s appetite for its story.

Solana (SOL/USD) Daily Price Chart September 9, 2021

Solana (SOL/USD) Continues to Soar, Ethereum (ETH/USD) Consolidating Recent Flash Crash

Chart via Trading View

Solana is not the only alt-coin showing large gains today with Twitter favorites including Algorand (ALGO) up 15% on a 24-hour basis and 72% on a weekly basis, FTX Token (FTX) up 17% and 21% respectively, Near Protocol (NEAR) gaining 25% and 98%, while Fantom is showing a 24-hour gain of 34% and a week on week gain in excess of 120%.

Tuesday’s market shake-out saw the alt-coin market capitalization drop sharply, at one stage losing nearly $400 billion, sending the market valuation tumbling out of the bullish trend channel that has held sway over the last months. The market is now pushing back to trend support and if this is broken and the prior channel is respected again, then a new all-time alt-coin market cap looks increasingly likely.

Cryptocurrency Market Minus Bitcoin September 9, 2021

Solana (SOL/USD) Continues to Soar, Ethereum (ETH/USD) Consolidating Recent Flash Crash

Chart via Trading View

The second-largest cryptocurrency by market capitalization, Ethereum, touched a multi-week low just above $3k in this week’s sell-off before regaining around half of its losses. ETH needs to continue this consolidation if thoughts of a fresh high are to entertained and the oversold condition of the market (CCI) may give Ethereum a helping hand, or at least underpin it at current levels. The three simple moving averages remain supportive for now but ETH needs further consolidation and underpinning before bulls can take back control with any confidence.

Ethereum Daily Price Chart September 9, 2021

Solana (SOL/USD) Continues to Soar, Ethereum (ETH/USD) Consolidating Recent Flash Crash

What is your view on Solana, Ethereum, and the Alt-Coin market – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.