Solana Threatens Ethereum’s Dominance, Predicts Expert Trader Anticipating Solana’s Rise

Noted cryptocurrency expert Peter Brandt recently took to analyzing the SOL/ETH trading pair, pinpointing a critical resistance mark. Brandt interprets this as a dense concentration of sellers at that price point. He also hints that should SOL break through this barrier, it could foreseeably see its value rise sharply, perhaps even doubling in its price relative to $ETH.

Solana’s Potential to Eclipse Ethereum

Brandt emphasized the value of technical analysis in crypto trading through a social media post, specifically noting how resistance levels can provide foresight into future price trajectories.

He drew attention to the trading pattern of SOL relative to ETH as a noteworthy case, positing that breaching a particular resistance could precipitate a substantial upswing for Solana in contrast to Ethereum.

As Ethereum grapples with high transaction costs and the integration of new technologies such as Layer 2, some market participants are mulling over a pivot towards Solana. This is attributed to Solana’s impressive performance and reduced fees, which positions it as an appealing alternative in light of the scalability barriers of ETH.

Injecting levity into the discussion, Brandt playfully mentioned spreading “FUD” regarding Ethereum. Even so, he has made it clear that despite his jests, his viewpoint on Ethereum remains balanced, indicating that he does not hold an entirely pessimistic stance.

Referring to Ethereum as “Junk Coin”

Brandt is no stranger to casting a critical eye on Ethereum, having previously described it as a “junk coin.” He pointed to its perceived deficiencies in serving as a store of value and challenged the platform’s operational aspects, including layer-2 complexity and expensive gas fees.

Despite his pointed remarks, Brandt maintains his overall belief that Bitcoin is the unrivaled leader of the crypto market.

Recent Solana Value Surge

Over the last 24-hour period, the cost of Solana has increased by 3.38%, reaching a value of $175.58, with a notable 94.40% boost in trading volume, reaching $8.54 billion.

By comparison, Ethereum saw its price ascend by 1.87%, hitting $3,333.40, but its trading volume experienced a drop of nearly 11%, descending to $13.39 billion.