Solana price rises to record high against Ethereum

The crypto market crashed hard on Monday, but yesterday and today we see a nice recovery. It is striking that Solana (SOL) in particular is performing very well. The SOL price has even reached a new record high against Ethereum (ETH).

At the time of writing, Solana is trading at $153, posting a 24-hour gain of 11 percent. ETH is trading at $2,463, posting a 24-hour gain of just 0.83 percent.

SOL Outperforms ETH

According to TradingView, the SOL/ETH ratio is currently 0.062. This ratio measures the value of one Solana token against one Ether. If the ratio decreases, it means that the price of ETH is outperforming that of SOL.

However, an increase in the ratio indicates an outperformance of SOL, as is currently the case. The reason for this milestone can be linked to the recent price developments of both coins. Earlier this week, ETH reached a yearly low of $2,114.

The SOL price also dropped to $110.23, which was the lowest value in many months. However, since then, the SOL price has increased by more than 30%, while ETH has only gained 9.68%. This difference has led to the current milestone.

Ethereum’s Solana withdrew

That Solana is catching up with Ethereum comes as no surprise to many analysts. Several analysts have already indicated that it is possible that Solana could overtake Ethereum in terms of market capitalization. Although that has not happened yet, the rising price is a sign that it is not impossible.

Analyst Crypto Kaleo also believes that the SOL price can continue to reach higher values ​​against Ethereum.

“Solana is about to enter price discovery in terms of its price relative to Ethereum,” the analyst shared.

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