A widely followed trader believes that Solana (SOL) is in a position to massively outperform its rival Ethereum (ETH).
Seasoned trader Peter Brandt tells his 723,800 followers on the social media platform X that the SOL/ETH chart is now trading very close to a key resistance level.
Brandt says that Solana may witness 100% gains against Ethereum if the pair manages to shatter the resistance area.
“The SOL/ETH chart is at huge resistance. Resistance = supply.
If this supply line is absorbed, then there is a prospect of SOL doubling in value vs. ETH.”
Looking at the trader’s chart, he seems to predict that SOL/ETH will reach a value of 0.11009 ETH ($377.72) if the pair takes out the horizontal resistance at 0.055 ETH ($188.70).
At time of writing, SOL/ETH is trading for 0.0521 ETH ($178.75).
Brandt also says that he prefers owning Solana and Bitcoin (BTC) over Ethereum based on his technical analysis. The trader shares a chart that suggests Ethereum has broken a critical support level against Bitcoin (ETH/BTC).
“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 so indicated. A chart is a chart is a chart.”
Based on the chart, Brandt appears to suggest that ETH/BTC has breached the support level of 0.05 BTC ($3,485). At time of writing, ETH/BTC is worth 0.04931 BTC ($3,424).
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE-3
Credit: Source link
