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).
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