Solana (SOL) has made a remarkable comeback after Monday’s market downturn. The cryptocurrency’s price reached a new high against Ethereum (ETH) today. Early this morning, August 7, SOL rose to $153.8, while ETH stood at $2,516. Both cryptocurrencies saw significant gains after the market correction.
SOL/ETH Ratio Hits New MilestoneÂ
The SOL/ETH ratio, which compares the value of one Solana token to one Ether, climbed to 0.061. This indicates that Solana has outperformed Ethereum recently. Earlier in the week, ETH hit a yearly low of $2,114, while SOL dipped to $110.23. Since then, SOL has surged over 30%, compared to ETH’s 9.68% increase.Â
A Sign of Things to Come?Â
Some market analysts believe this could be a precursor to Solana surpassing Ethereum in market cap. While that milestone hasn’t been reached yet, the recent price movements show that it’s not an impossible scenario. Solana’s continued growth could signal a shift in the cryptocurrency landscape.Â
