Analysis of Ethereum and Solana in May

Key Points

• Ethereum [ETH] and Solana [SOL] witnessed substantial market gains in May.
• The surge was influenced by ETF spot approval for ETH and speculations about a SOL spot ETF proposal.

Ethereum and Solana Leading the Market

A recent market analysis highlighted that Ethereum [ETH] and Solana [SOL] emerged as the top gainers in May.

Crypto Rank's report indicated a moderate growth in the overall market, with ETH and SOL recording significant price hikes.

SOL's value surged by 30.1%, while ETH saw an increase of 24.68%, positioning them as the market leaders.

These spikes played a pivotal role in shifting market sentiment from a neutral stance to a positive outlook.

Factors Driving the Price Surge

The primary driver behind Ethereum's price upswing was the approval of its spot ETF.

This approval is anticipated to inject additional liquidity into the market, leading to elevated demand for ETH and consequently boosting its price.

Solana, considered a key rival to Ethereum, also experienced a surge in value sparked by rumors of a possible SOL spot ETF, despite no formal proposal being put forth yet.

Price Movements of SOL and ETH

In May, Solana displayed a series of upward price trends, interspersed with minor downturns towards the month's end.

The month commenced with Solana's value at approximately $134.54 and concluded at around $165.58, despite a marginal 0.8% drop.

Presently, Solana is trading at roughly $153, reflecting a decline exceeding 3% and trading below its short-moving average.

Ethereum's price trajectory in May began with a slight decrease of over 1%, hovering around $2,970.

However, a notable surge of 19.23% on May 20 propelled its price above $3,600.

By May's end, ETH was trading at approximately $3,760.

Currently, ETH is priced around $3,519, witnessing a decrease surpassing 4%.

Despite notable downturns in June, Ethereum has managed to stay above its short-moving average, serving as a support level close to the $3,300 mark.