May market analysis: Ethereum, Solana experience highest gains

📆 6/11/2024 7:31 PM
📰 CryptoAmb

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Solana and Ethereum had quite a positive trend in the previous month. Still, the start of the current month has been different.

The ETH ETF approval and rumors about a SOL ETF boosted Ethereum and Solana in May. How are they holding up now?had the highest increases in May. This surge was influenced by the ETF spot approval for ETH and the rumored proposal of a SOL spot ETF.The chart indicated that these assets were the highest gainers, contributing to shifting market sentiment from neutral to positive.price increase was the approval of its spot ETF.

Although no proposal has been submitted to date, the positive sentiment has continued and is reflected in the price trend.price trend on a daily time frame showed that it started May with consecutive uptrends. Although it experienced some declines towards the month’s end, it finished higher than where it started.

As of this writing, Solana was trading at around $153, having declined by over 3%. It was now trading below its short moving average , which had previously served as support.The rest of the month was relatively uneventful until 20th May, when its value increased by 19.23%, taking its price to over $3,600.

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