Renowned trader Peter Brandt is of the opinion that Solana (SOL) has the potential to significantly outperform Ethereum (ETH), its rival cryptocurrency.
Brandt, who has a substantial following of 723,800 users on the social media platform X, asserts that the SOL/ETH chart is currently trading near a crucial resistance level.
According to Brandt, if the pair manages to break through this resistance area, Solana could experience a 100% increase in value compared to Ethereum.
“The SOL/ETH chart is facing significant resistance. Resistance equals supply. If this supply line is overcome, there is a possibility of SOL doubling in value against ETH.”
Examining Brandt’s chart, it appears that he predicts SOL/ETH will reach a value of 0.11009 ETH ($377.72) if the pair surpasses the horizontal resistance at 0.055 ETH ($188.70).
At the time of writing, SOL/ETH is trading at 0.0521 ETH ($178.75).
Brandt also expresses his preference for owning Solana and Bitcoin (BTC) over Ethereum based on his technical analysis. He shares a chart that suggests Ethereum has broken a critical support level against Bitcoin (ETH/BTC).
“As a chart-based swing trader, I would not hesitate to take a leveraged long position in ETH if the charts indicate so. A chart is a chart is a chart.”
According to the chart, Brandt appears to suggest that ETH/BTC has breached the support level of 0.05 BTC ($3,485). Currently, ETH/BTC is valued at 0.04931 BTC ($3,424).
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Disclaimer: The opinions expressed at The Daily Hodl are not investment advice. Investors should conduct their own research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that any transfers or trades you undertake are at your own risk, and you are responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor is it an investment advisor. Please note that The Daily Hodl engages in affiliate marketing.
