Solana Predicted to Exceed Ethereum by 140%, Claims Expert
Solana [SOL] Soars Past $150: Outshining Ethereum [ETH] by a Mile
Hey there! Here's the scoop on Solana and Ethereum's recent price action.
Solana [SOL] has been performing exceptionally well, reaching a high of $150 and recording a recovery gain of 58% since it hit a low of $95 three weeks ago. This outperforms Ethereum [ETH] investors, who have seen a 30% increase over the same timeframe, giving SOL a significant lead.
SOL: The Shining Star Among Cryptocurrencies?
According to veteran trader Peter Brandt, Solana's impressive performance could continue, potentially extending to 90% in the mid to long term. Brandt cited the Cup and Handle (C&H) pattern as the basis for his prediction.
"This C&H is still playing out, ya'll. SOL has lots of room to gain on its invalid cousin, ETH." Brandt's chart showed that, if validated, the SOL/ETH ratio could hit 0.11 or 0.20. This translates to a potential 90% or 245% rally from the breakout level of 0.05. Currently, the SOL/ETH ratio stands at 0.08, suggesting that SOL has room to rally 33% and 140% respectively, if Brandt's targets are hit.
Galaxy Switches Hands: ETH for SOL
The shift towards Solana might be gaining momentum among heavyweight players. According to reports, Galaxy Digital recently swapped $105 million worth of ETH for SOL on Binance. This trend could significantly boost Solana's market position if it continues.
Sustained Uptrend for SOL
SOL's market recovery reflects a strong organic spot demand, as indicated by the Cumulative Volume Delta (CVD) Spot indicator uptick. The rally shows signs of sustainability, fueled by both spot and derivative demand, as evidenced by the Open Interest spike. The next key level for SOL stands at $160, serving as both an overhead hurdle and a moving average. For the uptrend to continue, SOL must decisively break above the RSI neutral level.
Enrichment Data:- Peter Brandt, a well-known trader, believes that Solana could potentially outperform Ethereum by 90% to 140% in the long run. This prediction is based on a technical pattern known as the Cup and Handle pattern, which is typically considered bullish.- Some large players, such as Galaxy Digital, appear to be shifting their investments from Ethereum to Solana, which could further boost Solana's market position.
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That's it, folks! Keep an eye on Solana as it continues to make waves in the crypto world. Cheers!
- The crypto market is abuzz about Solana's outperformance, as it soars past $150, leaving Ethereum in its dust.
- According to veteran trader Peter Brandt, Solana could potentially outperform Ethereum by 90% to 140% in the long run, citing the Cup and Handle pattern as evidence.
- Interestingly, reports suggest that Galaxy Digital recently swapped $105 million worth of ETH for SOL on Binance, indicating a shift towards Solana among heavyweight players.
- The sustained uptrend for Solana is backed by a strong organic spot demand, as indicated by the Cumulative Volume Delta (CVD) Spot indicator uptick, and signs of sustainability fueled by both spot and derivative demand.
- Bitcoin and other altcoins are also making moves in the crypto exchange, but Sol's recent outperformance is causing a stir in the technology-driven market.
- For Ethereum investors, the 30% increase over the past three weeks is a step in the right direction, but the significant lead Solana has genuinely opened up an interesting comparison between the two popular cryptocurrencies.
- As we move forward, it will be interesting to see if Solana can maintain its exceptional performance and outperformance of Ethereum in the world of digital currencies and blockchain technology.
