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The price of Solana has dropped noticeably recently, but the causes may not be as obvious as a decline of the market. It is possible that Ethereum's recent price spike has more to do with the collapse of SOL than Solana's actual performance. The SOL/ETH chart indicates that Solana is performing worse than Ethereum.
Due to a number of market factors, impending updates and growing interest, Ethereum has been seeing significant price increases. Although SOL's USD price may not reflect such a dramatic move, the rise in ETH has caused the SOL/ETH pair to drop, highlighting a relative crash on Solana compared to Ethereum. Understanding this dynamic is essential, particularly on the current market, where the performance of other cryptocurrencies can be significantly impacted by market leaders like Ethereum.
Because of Ethereum's dominance, rival layer-1 chains like Solana frequently perform worse than Ethereum when its price surges, even when Solana itself stays strong or stable in terms of USD. This effect is further amplified by the state of the market today. Naturally, other blockchain platforms such as Solana become less relevant in comparison as Ethereum's dominance in decentralized finance (DeFi) increases and market participants transfer capital into ETH.
This may lead to a transient imbalance in the SOL/ETH pair despite the fact that SOL is still a strong project with active development and use cases. In light of Ethereum's ascent, Solana may appear to be collapsing, but in reality it is just losing some ground.
Shiba Inu regains momentum
Recently, traders and investors have been paying more attention to Shiba Inu (SHIB) as they begin to consider its potential for a comeback. SHIB looks to be stabilizing and may be prepared for a recovery after a protracted decline.
SHIB is now trading at $0.00001443, demonstrating resilience in the face of the prolonged downward trend over the previous few months. Although the coin's overhead resistance continues to put pressure on it, its price action is consolidating, which may pave the way for a possible breakout.
Several important levels are visible when examining the SHIB chart. Around $0.00001700 is where the first significant resistance is located. The 100-day moving average is matched with this level, which must be broken before a meaningful recovery can start.
The market's renewed confidence in the asset would be indicated if SHIB were to close above this mark. There is a significant level of support at $0.00001391, which is the downside. That is where purchasers have intervened to stop the decline from going any lower. SHIB's chances of making another upward move increase if it can hold its current position above this one.
The $0.00002000 level is a more challenging barrier that SHIB must cross in order to fully regain its momentum and resume a bullish trend. It is expected that both bulls and bears on the market will pay close attention to this level, which is a major psychological barrier.
Toncoin shows some opportunities
Given the increasing volatility that Toncoin has been displaying, traders may soon have a compelling opportunity. Understanding the impending support and resistance levels could be crucial to navigating the coin's likely major price move, which appears to be coming after a recent period of consolidation. TON is testing significant moving averages at its current price of $5.68.
The price has been varying between the 100-day and 200-day moving averages. Recently, this range has offered solid support; if TON is able to break above these levels, it may signal an acceleration of the upward trend. The 100-day EMA and $6.01 mark represent the immediate resistance level to keep an eye on. The next target of Toncoin, $7.00, would represent a significant psychological and technical level - if there is a strong breakout above it. Conversely, TON's support is presently located at $5.56.
This level will be significant in the event of a decline because it marks a critical turning point where buyers have intervened in the past. If this level is broken, there may be more downside, which could push the price back toward the $5.25 mark, which represents the next level of support. The Relative Strength Index, which is presently hovering around 51.36 points and shows that the asset is neither overbought nor oversold, is also exhibiting this hesitancy.