- Ethereum ETF approval prompted an altcoin liquidity shift, with SOL down 35% vs ETH on Binance.
- Olszewicz’s analysis shows bearish signals: Ichimoku cloud breach, ascending triangle failure.
- SOL/ETH may temporarily rally on Grayscale outflows.
Following the approval of the Ethereum ETF last month, market experts anticipated a potential liquidity outflow from the altcoin market into ETH. Observable trends have aligned with these predictions, as altcoins, including Solana (SOL), are experiencing a downtrend.
TradingView data shows that Solana’s USD value relative to Ethereum has dropped by 35% to 0.038 on Binance. Technical analysis by crypto trader and analyst Josh Olszewicz also indicates a bearish outlook and further outflows for the SOL/ETH pair.
Olszewicz explained that “SOL/ETH is rolling over,” referencing the breakdown of bearish support levels on the Ichimoku cloud, a widely used trend indicator in the financial market.
The chart, developed by Japanese journalist Goichi Hosada, consists of five indicators to identify underlying market trends. These components include Leading Span 1/2, Conversion Line or Tenkan-Sen (T), Base Line or Kijun-S…
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