The SOL/ETH ratio (a ratio that measures the value of one Ether token per one Solana token) hit a new all-time high this week amid market turmoil that has seen cryptocurrency prices plunge.
According to TradingView data, the Solana (SOL) to Ether (ETH) ratio hit a new high of 0.0595 on August 6.
This came in the wake of the brutal $500 billion cryptocurrency sell-off, which was caused by turmoil in traditional financial markets, excessive selling by Jump Crypto, and broader macroeconomic uncertainty..
Ether plunged as much as 22% on August 5, while Solana fell 36% over the same period.
However, following the sell-off, the SOL price has rebounded 35% from its low of $110 on August 5, reaching $144 as of this article’s publication.
Meanwhile, the price of ETH has rebounded by just 15%, rising from its yearly low of $2,157 to $2,463 at the time of publication.
Previously, the SOL/ETH ratio had risen to 0.0591 in March, following a significant increase in Solana’s price, which briefly pushed the asset to a new all-time high in terms of market cap.
Cryptocurrency Traders Believe in Superstitions
The cryptocurrency community has become extremely superstitious about traders being overly bullish on ETH, with market participants believing that ETH tends to underperform despite the enthusiastic reaction to the asset.
As part of the ongoing joke, machine intelligence crypto company Spectral Labs has also released an AI-based bot that automatically shorts ETH when traders are overly bullish on social media.
Spectral Labs announced in an August 6 post on X that it had developed an AI agent that automatically shorts Ether whenever a crypto trader posts a bullish ETH/BTC chart, an indicator that shows the value of one Ether token relative to one Bitcoin.
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