💥💥💥 #SOL/ETH ratio hits new all-time high amid market turmoil
Solana/Ethereum Ratio Hits New All-Time High Amid Market Turmoil
The SOL/ETH ratio—indicating the value of one Solana (SOL) token compared to one Ether (ETH) token—has reached a new all-time high following a dramatic market downturn since August 5.
On August 6, the SOL/ETH ratio peaked at 0.0595, according to TradingView data. This surge occurred amid a severe $500 billion sell-off in the #cryptocurrencymarket , triggered by disruptions in traditional financial markets, significant selling by Jump Crypto, and broader macroeconomic uncertainties.
On August 5, Ether plummeted by up to 22%, while Solana experienced a steeper decline of 36%. Since the sell-off, Solana's price has rebounded significantly, rising 35% from a local low of $110 on August 5 to $144 at the time of writing.
In contrast, Ether's recovery has been more modest, with a 15% bounce from its yearly low of $2,157 to $2,463 as of the latest update.
Earlier this year, the SOL/ETH ratio also reached a high of 0.0591 in March during a notable rally for Solana, which briefly saw the asset achieve a new all-time high in market capitalization.
Superstitions and Market Behavior
The crypto community has developed a superstition around ETH, with traders believing that excessive bullish sentiment often leads to poor performance for the asset. To address this, machine intelligence firm Spectral Labs has created an AI-powered bot designed to short ETH whenever traders become excessively bullish, as reflected in social media posts.
On August 6, Spectral Labs announced on X that its AI agent automatically shorts Ether when traders start posting overly optimistic ETH/BTC charts—a metric showing the value of Ether relative to #bitcoin☀️ (BTC).
Source - cointelegraph.com
