Solana (SOL) Price Rallies to All-Time High Against Ethereum (ETH)

The aftermath of Monday’s market collapse has ushered in interesting things; this time, Solana (SOL) is at the forefront. Specifically, SOL’s price has hit a new all-time high against Ethereum (ETH).

In the early hours of today, August 7, SOL jumped to $153.8, while ETH traded at $2,516. Both assets saw significant price increases after the broader market faced an infamous correction earlier.

The Solana Over Ethereum Flippening Has Come to Pass

According to TradingView, the SOL/ETH ratio is 0.061. This ratio measures the value of one Solana token to the value of one Ether. If the ratio falls, it means that ETH’s price is performing better than SOL.

However, an increase implies otherwise, as is the case at press time. The reason for this milestone could be linked to their respective prices. Earlier in the week, ETH reached a yearly low of $2,114.

SOL price also dropped as low as $110.23 for the first time in many months. But since then, SOL has notched more than a 30% increase, while ETH has only managed a 9.68% jump, leading to the milestone shown below.

SOL/ETH Daily Chart. Source: TradingView

This repricing, as many market participants would like to call it, may not surprise some. On several occasions, traders have opined that SOL would flip ETH regarding market cap. While that has not happened, the rising price is a sign that it is not impossible.

This is a developing story.

The post Solana (SOL) Price Rallies to All-Time High Against Ethereum (ETH) appeared first on BeInCrypto.