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Ethereum (ETH) and Solana (SOL) Overshadowed, Says IntoTheBlock

Sun, 09/10/2023 - 11:46
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Arman Shirinyan
Unfortunately, neither Ethereum nor Solana can find enough support on market right now
Ethereum (ETH) and Solana (SOL) Overshadowed, Says IntoTheBlock
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In a market that is often swayed by sentiment, Ethereum and Solana find themselves in a complicated spot. Despite a string of bullish news, including Visa's interest and the buzz around a potential spot ETH ETF, both digital assets seem to be grappling with a shadow cast by fear-driven market dynamics. The looming $3 billion liquidation on FTX is a case in point, steering the market's focus away from the positive strides these blockchains are making.

As of the latest data, Ethereum is priced at $1,623.49 USD, while Solana stands at $18.47 USD. These figures might not tell the whole story, but they do hint at a subdued market response to what should have been uplifting news.

Source: TradingView

Over the past two weeks, both Ethereum and Solana have shown less than stellar price performance. This lackluster movement contradicts the positive news flow and suggests that the market is more attuned to potential risks, such as FTX's impending liquidation, rather than opportunities. It's as if the market has put on blinders, focusing solely on the pitfalls ahead.

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So, what's the takeaway? Well, it is not that Ethereum and Solana lack promise; far from it. These platforms continue to innovate and attract institutional interest. However, the market seems to be in a state of selective hearing, tuning in only to news that feeds its anxieties. This restive behavior could be a temporary phase, but for now, it is dictating the tempo of the market.

As for now, the market needs to recalibrate its focus, shedding its tunnel vision to appreciate the broader landscape of possibilities that these blockchains offer. Until then, ETH and SOL will likely continue to dance in the shadows.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.