SOL vs ETH: Who wins now?

Reading time: 5 minutes

News | Crypto Converter | Crypto Calculators

Mantra CEO responds to OM crash, eyes buyback amid scandal rumors

Key points:

• OM token plunged over 90% before rebounding by nearly 200%.

• CEO John Mullin denies insider dumping, outlines token recovery efforts.

• Forced liquidations by centralized exchanges blamed for the crash.

News - Mantra (OM) has entered damage-control mode after its token plummeted over 90%, wiping out billions in market cap. In a recent AMA, CEO John Mullin labeled the token’s recovery a “primary concern” and hinted at early-stage plans for buybacks to stabilize the ecosystem. At press time, OM was trading near $0.79, down from its all-time high of $9 in February.

Mullin rejected allegations of insider dumping and clarified that Mantra’s team doesn’t control 90% of the token supply. He pointed users to a transparency report and emphasized OM’s dual-chain tokenomics, noting the largest OM wallet belongs to Binance, while OKX holds 14% of circulating supply.

Who’s to blame? - According to Mullin, the crash wasn’t triggered by internal mismanagement but by “reckless forced closures” by a centralized exchange that liquidated OM collateral during low-liquidity hours. While he didn’t name the platform, he confirmed it wasn’t Binance.

Blockchain analytics firms reported massive OM inflows into exchanges in the days prior, with 43.6M tokens—4.5% of OM’s circulating supply—deposited from 17 wallets. Some whales reportedly lost over $400 million, though analysts speculate they may have hedged elsewhere.

LUNA 2.0? - Despite OM’s 200% rebound post-crash, analysts warn it may mirror LUNA’s infamous dead-cat bounce in 2022. Technical indicators show OM facing resistance near its 200-week EMA, with a weak RSI of 33. Chartists warn of a potential 90% drop from current levels if support fails.

What’s next? - Mullin stressed transparency and reiterated plans to deploy the $109M Mantra Ecosystem Fund, which includes both dollar commitments and OM support. The project is also reevaluating its staking program on Binance, which recently ended.

“We are not running from anything,” Mullin stated, signaling Mantra’s intent to weather the storm.

Solana soars, outperforms Ethereum: But can $300 SOL become reality?

Key points:

• SOL/ETH ratio hits record highs, suggesting a strong uptrend.

• Solana has rallied 40% from its 12-month low, with bulls targeting $147 to $300.

• Despite price momentum, on-chain activity remains weak—raising sustainability concerns.

News - Solana (SOL) has surged over 40% in the past week, bouncing back from a 12-month low of $95.23 to hover around $133. More notably, the SOL/ETH ratio closed at 0.080 on April 13—its highest weekly close ever—indicating Solana’s outperformance against Ethereum. This trend is catching attention across the crypto space, with traders speculating whether Solana could retest or even surpass its all-time high of $295.

Traders turn bullish as SOL breaks out - According to Coinglass data, SOL’s long/short ratio has climbed to 1.06—a 30-day high—signaling growing confidence in further upside. Market analysts see bullish momentum building, especially as SOL consolidates above $130. Some traders, like BitBull, are eyeing a breakout above $147 toward the $300 level, comparing Solana’s current CME futures chart to Ethereum’s setup before its 2021 rally.

Technical indicators support this bullish outlook. The MACD has flipped positive, with the MACD line crossing above the signal line—a classic signal of buying pressure.

But is the hype justified? - Despite the strong price action, Solana’s onchain metrics paint a more cautious picture. Network fees have dropped 97% since January, reflecting reduced user activity. Daily DEX volume on Solana also fell sharply to $2.17 billion from its $35.9 billion peak.

These trends highlight a growing divergence between SOL’s price performance and its underlying ecosystem activity. Analysts warn that unless network usage picks up, the path to a sustained rally—let alone a $300 breakout—remains uncertain.

Saylor’s Strategy buys $285M in BTC as global tariff storm brews

Key points:

• Strategy acquired 3,459 BTC for $285.5 million at an average price of $82,618 per coin.

• The company now holds 531,644 BTC—worth over $45 billion at current prices—representing more than 2.5% of Bitcoin’s total supply.

News - Michael Saylor’s firm, Strategy (formerly MicroStrategy), has scooped up another 3,459 BTC for $285.5 million, continuing its Bitcoin accumulation streak despite global market turbulence. The latest acquisition brings the company’s total holdings to 531,644 BTC—valued at over $45 billion—purchased at a blended cost of $67,556 per coin.

Funded through the sale of common stock, the move marks Strategy’s third consecutive weekly Bitcoin buy. The company disclosed its latest investment via a regulatory filing and confirmed it via Saylor’s April 14 post on X.

A treasury built on Bitcoin - The Nasdaq-listed firm has evolved into the largest corporate Bitcoin holder globally, holding more than 2.5% of Bitcoin’s circulating supply. This dwarfs other public entities like Marathon Digital (47,500 BTC) and Metaplanet (4,525 BTC), with Strategy’s stash now sitting on more than $9.1 billion in unrealized gains.

Saylor doubled down on Bitcoin’s resilience amid market volatility, quoting on X: “No tariffs on orange dots,” referring to BTC buys on SaylorTracker.

Macro clouds, but crypto confidence - Strategy’s bold bet comes as global markets reel from tariff tensions and economic uncertainty. Yet Bitcoin climbed above $85,000 this week—an 8% weekly gain—after President Trump paused reciprocal tariffs for most nations, exempting tech imports like smartphones and laptops.

Despite fears of forced Bitcoin sales to cover financial obligations, Strategy’s bullish stance remains unchanged. Analysts predict Bitcoin could hit $132K this year, and over $1.8 million by 2035 as it inches closer to rivaling gold as a “superior savings technology.”

Kraken launches stock & ETF trading, targets tokenized future

Key points:

• Kraken now offers 11,000 U.S.-listed stocks and ETFs with commission-free trading.

• The rollout begins in 10 U.S. jurisdictions, with plans to expand nationally and internationally.

News - Crypto exchange Kraken is stepping into traditional finance. On April 14, the exchange announced a phased rollout of commission-free trading for U.S.-listed stocks and ETFs—marking a major leap in its mission to unify digital and traditional assets under one roof.

Initially available in ten U.S. states and the District of Columbia—including New Jersey, Connecticut, Alabama, and Wyoming—Kraken’s new stock and ETF trading feature will be accessible via the Kraken app, Kraken Pro, and the web interface. The company plans to expand access nationwide and to major markets such as the U.K., Europe, and Australia.

Through Kraken Securities, its FINRA-regulated equities arm, Kraken becomes one of the few crypto-native platforms to offer both traditional and digital asset trading within a single account—positioning itself to challenge platforms like Robinhood and Public.

Building toward a borderless future - Arjun Sethi, Kraken’s co-CEO, called the move a “natural step” toward the tokenization of real-world assets. “Crypto isn’t just evolving—it’s becoming the backbone for trading across asset classes,” Sethi said. He emphasized that growing demand for 24/7 access to global markets requires a seamless, multi-asset platform.

The launch also comes at a time when investor confidence is shaky. Just days before Kraken’s rollout, the S&P 500 posted a historic $5 trillion loss amid rising tariff concerns—underscoring demand for diversified, accessible trading solutions.

By bridging equities and crypto, Kraken continues its evolution from a crypto exchange to a full-spectrum trading platform ready for the next wave of digital finance.

More stories from the crypto ecosystem

• FET rallies 50% – But for more gains, THIS price level should hold

• BONK’s 21% monthly gain: Can it break $0.00001924 soon?

• Crypto Fear and Greed Index at 31: Should Bitcoin traders be concerned?

• Bitcoin whale activity drops by $3B – What next for BTC’s recovery

• TRUMP set to unlock 40M tokens: What’s next for investors?

Did you know?

• Illicit crypto activity totaled over $51 billion in 2024, according to Chainalysis. This figure reflects a rise in scam and hack volumes, driven largely by sophisticated fraud schemes and growing use of stablecoins in illicit transactions. While enforcement and on-chain tracking tools improved, overall criminal volume increased, not decreased, compared to 2023.

• Tokenized gold reached $1 billion in market cap in 2024. These blockchain-based assets pegged to physical gold—crossed a major milestone last year, with platforms like Tether Gold (XAUT) and Paxos Gold (PAXG) driving adoption among investors seeking digital access to precious metals.

• As of April 2025, the Ethereum Name Service (ENS) has recorded over 2 million registered .eth domain names, with approximately 700,000 unique owners. This milestone reflects the growing adoption of decentralized digital identities within the Ethereum ecosystem.

Top 3 coins of the day

Decentraland (MANA)

Key points:

• At press time, MANA was trading at $0.27, reflecting a 3.21% increase over the last 24 hours.

• The token approached the upper Bollinger Band, testing a breakout after a prolonged consolidation.

What you should know: 

MANA registered a strong rebound after an extended downtrend, rallying past the midline of the Bollinger Bands. This move indicated renewed bullish pressure, especially as the price continued to close in on the upper band—a level not challenged convincingly since early March. Volume also picked up notably, suggesting growing interest as traders looked to capitalize on the shift in momentum. Meanwhile, the MACD line crossed above the signal line, with rising green histogram bars—signaling a bullish crossover and growing positive momentum. If the bullish pressure persists, MANA could attempt a breakout past the $0.29–$0.30 resistance zone. Sustained closes above this zone could open the door toward $0.33 or even $0.36 in the short term. However, failure to clear $0.30 may lead to a retest of the midline support near $0.25. Traders should monitor the MACD's trajectory and upper Bollinger Band pressure for signs of either a confirmed breakout or a short-term rejection.

Ethereum (ETH)

Key points:

• At press time, ETH was trading at $1,623, reflecting a 1.69% increase over the last 24 hours.

• The price continued to recover after bouncing from near two-year lows, supported by macro tailwinds.

What you should know: 

Ethereum extended its rebound for a fourth straight session, bolstered by easing macroeconomic tension after the U.S. tariff pause reignited bullish sentiment across major altcoins. ETH’s price climbed above $1,600, gaining traction within the lower half of its Bollinger Bands range. Although ETH remained below the midline resistance around $1,735, its recent higher lows signaled reduced selling pressure. Volume slightly improved alongside this move, reinforcing confidence among buyers. The RSI hovered near 41, recovering from oversold territory, but still shy of indicating strong bullish momentum. 

If ETH manages a breakout above the Bollinger midline and closes above the $1,735 zone, the next target lies near $1,850–$1,900. On the downside, immediate support rests near $1,420—the lower Bollinger Band—which has acted as a critical bounce zone in recent weeks. Failure to maintain current levels could expose ETH to a retest of the $1,360–$1,400 range. With volatility narrowing and macro sentiment improving, traders should watch for a decisive move above the midline to confirm a sustainable trend reversal.

Mantra (OM)

Key points:

• At press time, OM was trading at $0.52, reflecting a staggering 48.26% drop over the last 24 hours.

• The crash followed a larger drawdown of nearly 90% in recent sessions, with volume surging to $417M.

What you should know: 

Mantra's price experienced a catastrophic collapse over the last few days, fueled by widespread concerns over alleged insider activity and mass liquidations. The token plunged from above $6 to under $1, marking one of the steepest single-week drawdowns among mid-cap altcoins in 2025. The 9-day Simple Moving Average remained far above the current price, confirming the depth of the breakdown. Meanwhile, the Directional Movement Index (DMI) showed the -DI (red) line surging above 56, while the +DI (green) line collapsed—clearly highlighting extreme bearish dominance. The ADX hovered around 18.7, indicating the strength of the trend had started to spike following the breakdown.

Reports suggest that the sharp fall was triggered by panic selling after alleged pre-crash token dumps by select investor wallets. While the Mantra team blamed forced liquidations on centralized exchanges for the crash, community sentiment remained shaken. If the token can stabilize above the psychological $0.50 mark, short-term relief may push OM toward the $0.80–$1.00 resistance zone. However, failure to hold $0.50 could drag the price closer to complete retracement zones near $0.30 or lower. Traders should remain cautious until volatility and directional strength ease off.