In the recent assessment of one of the most influential traders in the cryptocurrency market, Peter Brandt, new optimistic perspectives emerge for Solana (SOL) compared to its long-time competitor, Ethereum (ETH). Sharing his technical analysis with more than 723.000 followers on the social network X, Brandt points to a significant growth opportunity for SOL in relation to ETH.
According to Brandt, Solana is about to face significant resistance in the SOL/ETH pair, which, if overcome, could result in an appreciation advance of up to 100% against Ethereum. “The SOL/ETH chart has enormous resistance. Resistance = power. If this supply line is absorbed, then there is a prospect of SOL doubling in value relative to ETH,” he explains, highlighting the importance of the current resistance level.
At the time of publication, the price of SOL was quoted at US$180,33, up 1% in the last 24 hours. Brandt's analysis suggests that if SOL/ETH breaks above resistance at 0,055 ETH ($188,70), we could see SOL reach 0,11009 ETH ($377,72).
As a post note, I am a chart-based swing trader. I would not hesitate taking a leveraged long position in $ ETH if the charts are indicated. A chart is a chart is a chart. https://t.co/JcHGSUQeL4
- Peter Brandt (@PeterLBrandt) April 5, 2024
Furthermore, Brandt reveals his preference for Solana and Bitcoin (BTC) over Ethereum based on his reading of the charts. He points out that Ethereum, in comparison with Bitcoin (ETH/BTC), demonstrated a break at a critical support level, potentially suggesting a lower attractiveness of ETH compared to its counterparts.
“As a post note, I am a chart-based swing trader. I would not hesitate to take a leveraged long position in ETH if the charts indicated so. A chart is a chart is a chart,” says Brandt, emphasizing his flexible, technical analysis-based approach to trading the crypto market.
