A widely followed trader believes that Solana (SOL) is positioned to significantly beat its rival Ethereum (ETH).
Seasoned trader Peter Brandt tells his 723,800 followers on social media platform X that the SOL/ETH chart is now trading very close to a key resistance level.
Brandt says Solana could see a 100% gain against Ethereum if the pair manages to break the resistance area.
“The SOL/ETH chart is experiencing massive resistance. Resistance = supply.
If this supply curve is absorbed, there is a prospect of a doubling of the value of SOL versus 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 clears horizontal resistance at 0.055 ETH ($188.70).
At the time of writing, SOL/ETH is trading at 0.0521 ETH ($178.75).
Also burns say that based on his technical analysis, he prefers to own Solana and Bitcoin (BTC) over Ethereum. The trader shares a chart suggesting that Ethereum has broken through a crucial support level against Bitcoin (ETH/BTC).
“As a post note, I am a chart-based swing trader. I wouldn’t hesitate to take a leveraged long position ETH if the graphs indicate this. A graph is a graph is a graph.”
Based on the chart, Brandt seems to suggest that ETH/BTC has breached the 0.05 BTC ($3,485) support level. At the time of writing, ETH/BTC is worth 0.04931 BTC ($3,424).
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Generated image: DALLE-3