PANews reported on August 7 that according to Cointelegraph, the SOL/ETH ratio reached a record high after a sell-off caused by market turmoil. According to TradingView data, the SOL/ETH ratio reached a new high of 0.0595 on August 6. The sell-off stemmed from turmoil in traditional financial markets, large-scale selling of Jump Crypto, and broader macroeconomic uneasiness.
On August 5, Ethereum (ETH) prices fell 22%, while Solana (SOL) prices fell 36%. However, after the sell-off, the SOL price rebounded 35% from the local low of $110 to $144, while the ETH price rebounded only 15%, from the yearly low of $2,157 to $2,463.
Previously, the SOL/ETH ratio reached 0.0591 in March, when Solana price surged and hit a new high in market capitalization.
Additionally, as market participants become overly optimistic about ETH, Spectral Labs has launched an AI-driven bot that automatically short ETH when traders on social media become extremely bullish on ETH (ETH/BTC).
