The Bitcoin price has held its value above the $69,000 level. Following this, Ethereum and Solana tokens have once again gained traction. With this, the conquest of these ecosystems gaining dominance has once again intensified.
Wondering about which altcoin to maximize your profits during the upcoming Altcoin bull market? In this article, our expert panel has covered an in-depth market analysis and on-chain sentiments of Ethereum (ETH) and Solana (SOL) crypto tokens.
ETH Price Breaches Its Important Resistance Of $2,700!
With a jump of 3.29% in the past 24 hours, the Ethereum coin price has successfully reclaimed the $2,700 mark. Reportedly, the altcoin was last seen above this level on 25th August. Moreover, it is potentially heading toward its important resistance zone of $2,800.
The EMA 50/200-day has displayed a bullish curve in the 1D time frame. This suggests an increase in the buying-over-selling pressure in the crypto market. Moreover, the MACD shows a constant rise in the price chart, suggesting that the price may continue gaining value.
Suppose, the bulls continue gaining momentum, in that case, the Ethereum price will retest its important resistance zone of $2,870. Furthermore, if the bulls continue dominating the crypto space, the ETH coin price could head toward its $3k level.
Curious about ETH’s future price? Read our Ethereum Price Prediction for insights!
SOL Price Retests Its $170 Level!
After facing countless rejections at its resistance of $155, the Solana price has successfully breached and retested its $170 mark during the early Asian trading hours. Moreover, it has jumped over 10% during the past week, indicating increased bullish sentiment.
The Relative Strength Index (RSI) has displayed a significant rise toward its overbought range in the 1D time frame. Further, with its SMA acting as a support, the SOL price hints at a bullish outlook this week.
If the market continues trading under a bullish influence, the Solana crypto will retest its resistance level of $181.50 this week. Maintaining the price above that level could set the stage for it to head toward its upper resistance level of $209.07 in the coming time.
On-chain Data Indicates Solana Gaining Dominance!
Reportedly, Solana has been breaking out against Bitcoin and Ethereum over the past few days. This indicates an increase in the adoption of the Solana ecosystem when compared to the other chains.
Notably, with the recent on-chain sentiments, for Ethereum to hold on to its long-term dominance, it has to make a radical change. If not, the rising adoption of the Solana chain will result in it taking the leadership in shaping the future of this industry.
Source: https://coinpedia.org/price-analysis/ethereum-eth-or-solana-sol-which-one-to-pick-for-the-altseason/