Deep Tide TechFlow News, on October 24, according to CoinDesk, the SOL/ETH spot trading pair on the Binance platform has risen more than 15% since October 1, continuing the upward trend of the past three months, but currently shows overbought signals. The 14-day Relative Strength Index (RSI) for this trading pair has significantly broken above 70, marking the strongest overbought reading since March this year.
Yesterday, driven by a resurgence in Solana network activity, the SOL/ETH trading pair briefly hit an all-time high of 0.069. Analysts noted that although an RSI above 70 does not mean the bull market has ended, it indicates that the recent rally has been too rapid and may need to consolidate. Technically, potential support for a pullback could be at 0.064 (the August high). It is worth noting that some experienced traders believe that an overbought RSI over a longer time frame actually indicates strong bullish momentum.
On the other hand, the Bitcoin to Gold ratio began to retreat after reaching a trend line resistance connecting the highs from March and June. The MACD indicator has formed a death cross, suggesting that BTC may continue to show weakness. A similar technical pattern appeared in late July, after which the ratio experienced a prolonged decline.
