Ethereum and Solana are gradually demonstrating bullish moves after a rebound on Tuesday, but the broader outlook still appears bearish. On-chain metrics urge caution as selling pressure continues to dominate among ETH and SOL investors, suggesting an extension of the current volatile market.
The market balance is bearish for Ethereum and Solana
While the broader cryptocurrency market has faced consistent downward pressure over the past few weeks, the market dynamics of both Ethereum and Solana are experiencing a crucial change. This change is reflected in the delta buying/selling pressure for ETH and SOL, which recently turned negative.
Buying/selling pressure delta is a key metric that measures the imbalance between buying and selling forces in the market. It should be noted that when the delta becomes negative, it indicates a lack of bullish momentum since the selling pressure is greater than the buying pressure.
According to At Alphractal, an advanced on-chain data analytics platform, the inversely negative metric suggests that Ethereum and Solana sellers take control of the market. As buying momentum currently fades, the risk of a near-term downside or consolidation becomes high.
This change usually indicates an exhaustion of the trend, not necessarily an immediate reversal. It also indicates a cooling phase after periods of stronger momentum and purchasing activity. In some past scenarios, the platform highlighted that a negative buying/selling pressure delta also led to lower prices. However, this is especially common when selling pressure begins to weaken again, with capital flows favoring accumulation rather than distribution.
Additionally, Alphractal noted that for this continued trend to signal a potential bottom in Ethereum and Solana prices, it is critical to monitor whether the delta demonstrates stability or recovery, rather than extending further into negative territory. In the meantime, analyzing shorter time frames would help spot early signs of a return to buying pressure.
At this point, it is not a standalone signal and context matters. Price action, volume, and broader on-chain data should confirm whether the market is transitioning into a continuation period or accumulation. As this imbalance develops between the two networks, it increases the downside risk and highlights how crucial it is to monitor whether demand can stabilize or continue to decline in the coming sessions.
Position of ETH within a dense base cluster
Ethereum remains capped by the increasing volatility in the crypto market, hovering below the $3,000 price mark. After looking at the recent price action of ETH, Chris Beamish describe that the leading altcoin trades on a dense cost base.
Positioning is important because it represents an area of balance for many ETH Holders. As ETH holds this area, the market is leaning towards absorption and forming a base. However, a breakout would move the price towards thinner support where underwater supply could decline.
Featured image of Pixel Plex, chart from Tradingview.com
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