bullish

Solana

when

The SOL/ETH ratio — a measure of the value of one Solana token to one Ether token — has reached a new all-time high in the wake of a market shakeup that saw crypto prices tumble drastically since Aug. 5.
The Solana (<a href="https://cointelegraph.com/solana-price-index">SOL</a>) to Ether (<a href="https://cointelegraph.com/ethereum-price">ETH</a>) ratio notched a new high of 0.0595 on Aug. 6, per TradingView data. 
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/533486c9-45d3-4a8a-90d3-45216d2c7283.png" alt="SOL/ETH ratio hits new all-time high amid market turmoil" title="">
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 SOL/ETH notched a new all-time high of 0.059 on Aug. 6. Source: TradingView
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It comes in the wake of a brutal <a href="https://cointelegraph.com/news/crypto-crash-300-billion-largest-three-day-plunge-crypto-one-year"></a><a href="https://cointelegraph.com/news/crypto-crash-300-billion-largest-three-day-plunge-crypto-one-year">$500 billion crypto sell-off</a> stemming from <a href="https://cointelegraph.com/news/bitcoin-crashes-below-53k-wiping-out-600-million-leveraged-longs">turmoil in traditional financial markets</a>, outsized <a href="https://cointelegraph.com/news/jump-crypto-moves-at-least-315-million-of-staked-ether">selling from Jump Crypto</a>&nbsp;and <a href="https://cointelegraph.com/news/bitcoin-dominance-hits-58-amid-altcoin-stock-market-bloodbath">wider macroeconomic unease</a>.
Ether tumbled as much as 22% on Aug. 5, while Solana fell 36%.
However, following the sell-off, the price of SOL has bounced 35% from a local low of $110 on Aug. 5 to $144 at the time of publication.
Meanwhile, the price of ETH bounced only 15%, rallying from a yearly low of $2,157 to a price of $2,463 at the time of publication. 
Previously, the SOL/ETH ratio reached as high as 0.0591 in March <a href="https://cointelegraph.com/news/solana-price-rallies-to-193-but-is-that-sol-local-top">during a major rally in the price of Solana</a>, which saw the asset briefly notch a new all-time high in terms of market capitalization. 
<h2 data-ct-non-breakable="true" id="crypto-traders-become-superstitious">Crypto traders become superstitious </h2>
The crypto community has become extremely superstitious of traders being overly bullish on ETH, with the market participants believing that ETH tends to perform poorly alongside an outpouring of enthusiasm for the asset. 
As part of the ongoing jest, machine intelligence crypto firm Spectral Labs has even introduced an AI-powered bot to automatically short ETH when traders flip too bullish ETH on social media.
In an Aug. 6 X post, Spectral Labs said it had built an artificial intelligence agent to automatically short Ether whenever crypto traders began posting bullish ETH/BTC charts — a metric that shows the value of one Ether token relative to one Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>). 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/f4511214-142c-4eb0-ad8d-8b0d08b3b093.png" alt="SOL/ETH ratio hits new all-time high amid market turmoil" title="">
 <figcaption style="text-align: center;">
 Source: <a href="https://x.com/Spectral_Labs/status/1820946062720561419" target="_blank" rel="noopener nofollow">Spectral</a>
 </figcaption>
</figure>
Magazine: <a href="https://cointelegraph.com/magazine/5-ways-crypto-bots-are-ruining-crypto-including-auto-memecoin-rug-pulls/">How crypto bots are ruining crypto — including auto memecoin rug pulls</a>

SOL/ETH ratio hits new all-time high amid market turmoil

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Cointelegraph

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