Ethereum Price Outpaces Solana as Bulls Target $3,400 Resistance

It’s altcoin season again, and the Ethereum price is pulling ahead of Solana as usual, with bulls eyeing the $3,400 level.

This article was written by Benzinga and contributed by Samuel Good.

The Ethereum price is pulling ahead of Solana again, especially as bulls try to push ETH past the $3,400 level. But while the apex smart contract chain is making headlines, a sleeper pick could be heating up even faster.

As Ethereum gains ground, ETH tokens like Pepe coin are showing breakout signals, with Pepe coin already up 80% this week alone. But another sleeper pick is heating up: Remittix. This PayFi token is catching fire in presale and could be 10x before listing.

Want to know why traders are rushing the Remittix presale? Read the full article now.

Ethereum Leads Solana As Bulls Push ETH Past Key Levels

The Ethereum price is continuing to gain faster than Solana, especially as bulls try to push ETH past the $3,400 level.

At the time of writing on May 16, ETH traded above $2,500, compared to SOL’s price hovering around $170. In raw terms, ETH is nearly 20x higher, but the trend matters more than the numbers. ETH is rising faster, backed by more substantial trading volume and broader institutional interest.

Exchanges like Binance and Coinbase showed increased ETH/USDT trades, and Glassnode data showed a 12% jump in Ethereum transactions this week, which alludes to more activity on its network.

Analysts said ETH broke a major resistance level at $2,400. The next resistance is at $2,700, while support sits near $2,550. In contrast, Solana stalled below $180 despite strong DeFi numbers. The difference is in the momentum. Ethereum keeps gaining, while Solana is lagging.

According to Bloomberg, spot ETH ETFs saw $45 million in net inflows on May 15, highlighting that institutional funds are pouring money into ETH. Moreover, Coinbase stock (NASDAQ:COIN) rose 2.5%, reflecting bullish sentiment toward Ethereum’s broader ecosystem. Ethereum’s 0.82 correlation with NASDAQ tech stocks like NVIDIA and Microsoft also suggests that ETH is benefiting from risk-on conditions in the market.

Pepe Coin Outpaces Solana Meme Coins

Pepe coin (PEPE), an Ethereum-based meme token, is again outperforming its rivals, notably those linked to Solana, such as BONK and WIF.

PEPE has shot up more than 80% in just seven days and broke multiple resistance levels, pushing past $0.000014. If volume holds, this sets it up for a move toward $0.000021 and possibly $0.000026.

In contrast, BONK and WIF hit resistance around $0.0000256 before slipping 12%. Both quickly shot up but slid as traders booked gains.

WIF followed suit, quickly rising before slipping as traders booked gains. In contrast, PEPE’s open interest in the future hit $672 million, and the long-to-short ratio was above 1.09, according to CoinGlass. This means that more traders are betting on PEPE to go up than on it to go down.

However, despite the impressive performance of meme coins on Solana, they couldn't sustain their momentum, leading to a decline.

The difference in the performance of meme coins on the two blockchains could be attributed to the varying levels of interest from crypto whales and mainstream buyers.

While meme coins on Solana, like BONK and WIF, enjoyed a burst of popularity, they might be lacking the staying power to sustain their rally. In contrast, meme coins on Ethereum, particularly Pepe coin, seem to be attracting more persistent interest, evidenced by their continued price gains.

The difference in the performance of meme coins on the two blockchains could be attributed to the varying levels of interest from crypto whales and mainstream buyers.

While meme coins on Solana, like BONK and WIF, enjoyed a burst of popularity, they might be lacking the staying power to sustain their rally. In contrast, meme coins on Ethereum, particularly Pepe coin, seem to be attracting more persistent interest, evidenced by their continued price gains.

The difference in the performance of meme coins on the two blockchains could be attributed to the varying levels of interest from crypto whales and mainstream buyers.

While meme coins on Solana, like BONK and WIF, enjoyed a burst of popularity, they might be lacking the staying power to sustain their rally. In contrast, meme coins on Ethereum, particularly Pepe coin, seem to be attracting more persistent interest, evidenced by their continued price gains.