Key Points
- Ethereum [ETH] and Solana [SOL] experienced the highest increases in May.
- ETF spot approval for ETH and rumored SOL spot ETF proposal influenced this surge.
Ethereum and Solana Top the Gainers List
A recent market analysis revealed that Ethereum [ETH] and Solana [SOL] had the most significant market gains in May.
Crypto Rank’s report showed moderate overall market growth, but ETH and SOL stood out with considerable price increases.
SOL’s increase was 30.1%, and ETH’s increase was 24.68%, making them the top gainers.
These gains contributed to a shift in market sentiment from neutral to positive.
What Drove the Price Increases?
The main catalyst for Ethereum’s price surge was the approval of its spot ETF.
This approval is seen as an influx of extra liquidity into the market and is expected to increase demand for ETH, positively impacting its price.
Solana, considered a significant competitor to Ethereum, also surged on rumors of a potential SOL spot ETF, despite no proposal being submitted yet.
Price Trends for SOL and ETH
Solana’s price trend in May showed consecutive uptrends, despite some declines towards the end of the month.
Solana’s price was approximately $134.54 at the start of May and closed the month at around $165.58, despite a 0.8% decline.
At the time of writing, Solana was trading at around $153, a decline of over 3%, and was trading below its short moving average.
Ethereum’s price trend in May started with a decline of over 1%, trading at around $2,970.
However, a significant increase of 19.23% on 20th May took its price to over $3,600.
By the end of May, ETH was trading at around $3,760.
At the time of writing, ETH was trading at around $3,519, experiencing a decline of over 4%.
Despite significant declines in June, it remained above its short moving average, which continued to serve as support around the $3,300 price level.
