- Solana has printed its first-ever death cross vs. ETH, but strong support near 0.057 and bullish RSI divergence could trigger a rebound.
- Both SOL and ETH show bullish formations on USD charts, targeting $267 and $3,800 respectively.
- Despite bearish signals on the pair, a sideways consolidation is more likely than a full-blown breakdown
Solana just printed its first-ever “death cross” against Ethereum, triggering alarm bells for some traders watching the SOL/ETH pair. This classic bearish indicator, where the 50-day EMA dips below the 200-day EMA, suggests Solana might underperform ETH in the coming sessions. But hold on—there’s a little more to the story.
Support and Divergence Paint a Mixed Picture
While a death cross usually means downward pressure, SOL/ETH is sitting right on a historically strong ascending trendline near 0.057. This very trendline has sparked major rallies before—75% in December and another 60% in March. Plus, there’s a bullish RSI divergence showing momentum might be turning. If that support holds, SOL/ETH could bounce back 10–12% toward its EMAs.
Meanwhile, optimism about a possible Solana ETF is building. A recent amendment to a spot Solana ETF filing in the U.S. has some traders speculating that big institutional money might soon favor SOL—potentially flipping this whole bearish script.
USD Pairings Hint at Broader Upside
Even though the SOL/ETH chart looks dicey, both assets are flashing bullish setups against USD. Solana is forming a textbook cup-and-handle on its 3-day chart with a target of $267—about 60% higher than current levels. Ethereum, on the other hand, is breaking out of an inverse head-and-shoulders, which could launch it to $3,800.
So, while SOL/ETH may look sluggish now, both tokens appear ready to rally on their own terms. In short: sideways action in the pair, but plenty of room to run for both coins in dollar terms.
