In a recent post, seasoned trader Peter Brandt offered a comprehensive analysis of Solana and Ethereum, highlighting their potential for significant upside breakouts. According to Brandt, both cryptocurrencies are on the brink of joining Bitcoin in a promising upward trajectory. However, he emphasized Solana’s breakout potential, urging followers to take notice of SOL’s move towards new highs.
Brandt Finds Solana More Promising
Brandt pointed out that Solana is making strides as it breaks into new highs, while Ethereum appears to be struggling with overhead resistance. Current technical charts suggest that Solana is nearing a breakthrough of the $200 resistance level, potentially surpassing its previous all-time high (ATH) of $260.
Solana has successfully cleared crucial resistance zones and is on the path to setting unprecedented heights. Notably, Solana is trading comfortably above its 8-week Simple Moving Average (SMA), indicating robust bullish momentum. Any pullbacks might find support at this level, further solidifying its upward trend.
ETH Struggling To Break Resistance Level
Conversely, Ethereum’s chart reveals its ongoing battle to surpass the $2,800 resistance barrier. Despite maintaining its position above the 8-week Simple Moving Average (SMA), which indicates potential upward momentum, ETH continues to face significant selling pressure as it approaches higher price levels.
Ethereum’s journey to achieving new highs is hindered by multiple resistance zones, challenging its upward progress and demanding strategic market maneuvers to overcome these barriers.
Brandt Prefers SOL
Brandt openly expressed, “I always favor new highs and prefer SOL.” This statement underscores his preference for Solana over Ethereum, considering its current performance metrics and market potential.
Both Solana and Ethereum are in a fierce competition to secure their dominance in the decentralized finance (DeFi) sector. In the past 24 hours, Ethereum led all networks with a decentralized exchange (DEX) volume of $2.94 billion. Meanwhile, Solana followed closely with a trading volume of $2.53 billion.
Despite this, Solana outpaces Ethereum in 7-day trading volume, recording $13.61 billion compared to Ethereum’s $10.99 billion. This indicates Solana’s growing influence and capacity to attract substantial trading activity over a more extended period.
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