While most cryptocurrencies, including Bitcoin, have dropped below key support levels over the past few days, Ethereum (ETH) and Solana (SOL) have shown signs of strength despite the uncertainty caused by macroeconomic factors, like last week’s negative Producer Price Index report, which dimmed hopes for an interest rate cut in September.
The drop in crypto prices has led to a dramatic shift in investor sentiment, as evidenced by the Crypto Fear & Greed Index, which is now in the “Fear” zone for the first time since June. However, investor interest in ETH and SOL appears to be intact. Let’s look at their price performances to get a clear picture.
Ethereum Price Performance
Despite the growing uncertainty in the crypto market, Ethereum has managed to stay above the $4,000 critical support level this week. On Wednesday, it started the day trading at $4,098, and then rallied 3.82% to $4,259. The increased trading volume near $4,000 is a clear indication that buyers are determined to keep ETH at higher levels.
But who is applying buying pressure? Several companies with Ethereum treasuries have announced massive purchases in the last few days. For instance, a publicly traded crypto mining firm, BitMine, bought ETH worth $1.7 billion on Monday. Meanwhile, gaming company Sharplink has announced a $600 million Ethereum acquisition.
Increased institutional involvement in Ether has kept retail traders bullish on the asset. According to data from the Myriad prediction market, traders believe there is a 76% chance that ETH reaches $5,000 by December 2025.
Technical Indicators Paint a Bullish Picture for Ethereum
This bullish view is reflected in the Average Direction Index, a matrix used to measure the strength of a price trend. When the reading on this index is above 25, then it is assumed that there is an established bullish or bearish trend for a particular crypto asset. With Ethereum on an uptrend and its Average Directional Index showing a reading of 42, it signals that the coin is witnessing a strong bullish move.
Further, the Exponential Moving Averages (EMAs) are also flashing bullish signs. The 50-day EMA is near $2,850, while the 200-day EMA is at $2,390. The wide gap between them occurs when a cryptocurrency is having a sustained bull run, as it shows increased buying activity. Meanwhile, the Relative Strength Index, used to gauge momentum, sits at 58, suggesting there is room for Ethereum’s price to rise higher before it enters the overbought territory, which begins at 70.
Solana Price Performance
Like Ethereum, Solana has shown strength over the past 24 hours, rising from $176 to $184.32 at the time of writing. Analysts expect the coin to continue surging in the coming days, thanks to the formation of the bullish cup and handle pattern on the daily price chart.
However, retail traders do not appear to be bullish enough on Solana. According to Myriad data, they are giving the asset only a 41% chance of surpassing the all-time high of $294.12 in 2025.
It is important to highlight that the Average Directional Index on Solana is at 26, meaning a directional price trend, in this case, bullish, has been established. However, the EMAs (50-day EMA at $164 and 200-day EMA at $158) do not indicate clear dominance of the bulls, as they are too close. The Relative Strength Index, on the other hand, is at 56, creating room for a further push to the upside.
Why is Solana Bullish Momentum Weak?
Although both Solana and Ethereum are on an uptrend, the bullish momentum on the former is weak because top institutional players are not involved. However, as SOL’s fundamentals improve, Wall Street giants may begin adding the coin to their treasuries, thus triggering a rally.
As of August 2025, only a few companies have announced Solana purchases. Early this month, Upexi, a supply chain management company, said it had spent $4.5 million on SOL. Meanwhile, DeFi Development Corp, currently the second-largest institutional SOL holder, purchased Solana worth $18 million on August 6th.
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