Solana
May Market Analysis: Ethereum and Solana See Highest Gains
- SOL and ETH saw the highest gains during the market rally in May.
- Assets have declined significantly over the past 24 hours.
An analysis of a recently released market report showed that Ethereum [ETH] And Solana [SOL] saw the highest increases in May. This rise was influenced by the ETH spot ETF approval and rumor of a proposed SOL spot ETF.
Solana and Ethereum top the winners’ chart
According to a report published by Crypto Rankingthe market saw moderate growth in May and was not extremely bullish.
However, Ethereum And Solana has seen significant price increases despite a slow trend.
The data showed that SOL saw an increase of 30.1%, while ETH increased by 24.68%.
The chart indicates that these assets were the biggest gainers, helping to shift market sentiment from neutral to positive.
What influenced the price gain of Solana and Ethereum
The main catalyst of Ethereum The price increase was the approval of its spot ETF. Traders view this approval as a source of additional liquidity entering the market.
Additionally, the approval is expected to increase the demand for ETH, which will have a positive impact on its price. Although trading has not yet started, the news has reinforced the positive sentiment.
Moreover, Solana is considered one of the main competitors of Ethereum. When the approval of the ETH spot ETF was announced, rumors began to circulate that a SOL spot ETF would be next.
Although no proposals have been submitted to date, the positive sentiment has continued and is reflected in price developments.
How SOL and ETH evolved
An analysis of by Solana The price trend on a daily time frame showed that it started May with consecutive uptrends. Although it experienced some dips towards the end of the month, it finished higher than where it started.
According to AMBCrypto’s analysis, Solana’s price was around $134.54 at the end of May 1, after rising more than 6%. It closed the month down about 0.8% but was trading at around $165.58.
As of this writing, Solana is trading at around $153, following a decline of more than 3%. It is now trading below its short moving average (yellow line), which previously served as support.
This trend was the opposite of that which had started the previous month.
Source: TradingView
An analysis of Ethereum The price trend showed that it started May with a decline of more than 1%, trading at around $2,970.
The rest of the month passed relatively uneventfully until May 20, when its value increased by 19.23%, bringing its price to over $3,600.
At the end of the month, ETH was trading at around $3,760.
Source: TradingView
Read Ethereum (ETH) Price Prediction 2024-25
At the time of writing, ETH was trading at around $3,519, experiencing a decline of over 4%. Similar to Solana, it saw significant declines in June.
However, it remained above its short moving average (yellow line), which continued to act as support around the $3,300 price level.