The “Ethereum Killer” lives up to its name: Solana outperformed ETH by 19% in one week, but can the second-largest coin Stage recover? – Grayscale Bitcoin Mini Trust (BTC) Common Unit of Fractional Undivided Beneficial Interest (ARCA:BTC)

Ethereum and Solana The past week or so has taken a very different trajectory, causing investors to dump their capital. Bitcoin BTC/USD Sit down and notice.

what happened: Solana, touted as the “Ethereum killer,” has soared more than 13% in the past seven days, making it one of the top weekly gainers. In contrast, Ethereum, which has a much larger market capitalization, declined by 4.63% during the period.

In fact, from an ETH perspective, SOL is currently at an all-time high, reflecting a 57% year-to-date increase, according to CoinMarketCap data. Last week, SOL rose over 19% versus ETH.

The divergence occurred at a time when market leader Bitcoin was toying with the $70,000 level on its way to new all-time highs.

According to Trading View, Solana's Relative Strength Index (RSI) is reading at 67.80, indicating neutral sentiment as it has just returned from overbought territory.

Additionally, the Moving Average Convergence Divergence (MACD) indicator turned positive, flashing a “buy” signal.

Meanwhile, the Ethereum MACD indicator flashed a “sell” signal, while the RSI remained in the neutral zone.

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However, despite the underperformance, analysts still did not rate Ethereum.

Wolf, who goes by the widely followed crypto-related handle X, discovered an ascending triangle pattern for the asset. This tends to be bullish as it signals a continuation of the uptrend.

Another popular analyst, pen name Baselsaid that Ethereum is “grossly undervalued” in the long term.

He added that most of the L2 networks are built on Ethereum and cannot function without it.

Photo by Avi Rozen from Shutterstock

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