“After 540 days of consistent outperformance, Solana’s alpha generation against ETH has reversed alongside XRP’s failed breakout attempt.”

ETH Gains Momentum Over SOL as Uptrend Falters; XRP Also Shows Signs of Weakness

After months of speculation that Solana might overtake Ethereum in market capitalization, recent price action suggests Ethereum could be regaining dominance—at least for now.

Despite growing enthusiasm around Solana, technical indicators point to a shift in momentum favoring Ethereum’s native token, ether (ETH), currently trading at $2,656.05, compared to Solana’s $170.20.

According to TradingView data, the SOL/ETH ratio has broken below a key ascending trendline that had been intact since September 2023, connecting lows in June and December 2024. This breakdown signals a potential reversal, hinting at ETH outperformance in the near term.

Further supporting this view, the MACD histogram on the weekly chart has turned red, suggesting increasing bearish pressure on SOL.

Immediate support for the SOL/ETH pair lies at 0.055, the low from February 25. A return above the Ichimoku cloud is needed to shift the technical outlook back in Solana’s favor.

XRP Breaks Key Support Channel

Ripple’s XRP is also showing signs of weakness, having dropped out of a bullish ascending channel that marked its recovery from April’s lows near $1.60.

The breakdown now brings $2.00 into focus as key support—this level has served as a critical floor multiple times earlier this year. Failure to hold this support could see XRP retesting the $1.60 level once again.

On the upside, bulls will need to push above the recent high at $2.65 to regain control.