The Solana-Ethereum blockchain duel has never been more exciting to watch. While the ambitious newcomer showcases its high speed, user-friendliness, and low fees, the revered incumbent still boasts the most developed ecosystem among smart contract platforms.
Market reactions vary widely. Some analysts expect Solana to continue outperforming Ethereum in terms of user activity and DApp revenues, which could drive SOL’s price higher. The increasing likelihood of a SOL ETF approval adds further momentum. Others, however, anticipate Ethereum reclaiming dominance in 2025, citing historical price trends, growing ETH accumulation by whales, and upcoming technological upgrades.
Is ETH price on the verge of bottoming out?
Ether’s (ETH) price performance in 2024 was underwhelming, appreciating by just 65%, compared to SOL’s (SOL) 95% gain. In Jan. 2025, SOL claimed a new all-time high, while ETH remained below its peak from Nov. 2021.
Currently, ETH is down 33% from its cycle high of $4,116, prompting speculation that a bottom may be forming. On Feb. 10, crypto analyst IncomeSharks posted a chart on X suggesting ETH is ranging, with the recent wick to $2,156 signaling a potential bottom.
“Everyone is afraid to call that wick a bottom, but it is. The largest volume candle and liquidation event are even more confirmation.”
ETH/USD 1-day chart. Source: IncomeSharks on TradingView
Another X user specialized in crypto charting, Tony “The Bull” Severino, noted that “ETH/BTC is oversold on the monthly RSI for the first time ever in its history.” RSI stands for relative strength index, a momentum indicator that measures the magnitude of recent price changes. Typically, when an RSI is in the “oversold” zone, i.e. below 30, it signals an impending trend reversal. On Feb. 10. Ether’s RSI fell to 28, later returning to the 41 level.
Another notable trend is ETH accumulation. French crypto analyst Crypto Futur pointed out that since December, the number of whale ETH addresses (holding over 1,000 ETH) has been steadily growing. Over the past two months, only four days have been negative in whale addresses 30-day…
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