Solana Looks Overbought Against Ethereum; BTC-Gold Ratio Stuck in a Downtrend
Summary
The SOL/ETH spot pair on Binance has increased over 15% since October 1, continuing a three-month upward trend. The 14-day RSI has surpassed 70, indicating overbought conditions, with the pair reaching a high of 0.069 due to increased Solana network activity. An RSI above 70 suggests potential for a temporary price correction, with support possibly at 0.064. Despite this, some traders view a high RSI as a sign of strong bullish momentum. Meanwhile, the bitcoin-to-gold price ratio has declined after failing to break trendline resistance, with a negative MACD crossover indicating potential continued BTC underperformance.
