SOL/ETH ratio hits a new high at 0,06135

After a sell-off in early August, the SOL rate bounced by 39%

07.08.2024 - 08:55

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2 min

What’s new? The SOL/ETH ratio — a measure of the value of one native token of the Solana blockchain to one Ethereum token — has hit a new record high after market turmoil caused cryptocurrency prices to plummet since August 5. According to TradingView data, the SOL exchange rate reached 0,06135 ETH on August 7.

TradingView data

What else is known? The rise comes amid a sharp $500 billion cryptocurrency sell-off triggered by turmoil in traditional financial markets, trading activity by market maker Jump Crypto, and broader macroeconomic instability.

The ETH exchange rate fell by 22% on August 5, while SOL lost 36%. However, at the end of the sell-off, the SOL price rebounded 39% from its local low of $110 to reach $152,8 at the time of publication. In turn, the ETH rate rose only by 17%, rising from a yearly low of $2157 to $2519.

In March, the SOL/ETH ratio reached 0,0591, this happened during the Solana rally, as a result of which the market capitalization of the asset reached its historical high at $89,8 billion.

Light Protocol and Helius Labs have unveiled a mechanism to make storage on Solana 5000 times cheaper than before

Developers will be able to use it to scale applications

Earlier, former head of Goldman Sachs and co-founder of Real Vision TV channel Raoul Pal

said that his crypto portfolio consists of 90% SOL tokens. The entrepreneur noted the stability of SOL, which was maintained despite a period of significant volatility, and expressed confidence in the further growth of its rate.

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