Brandt Finds Solana More Promising
In a recent analysis, veteran trader Peter Brandt offered his perspective on the potential market movements of Solana and Ethereum. He highlighted that both cryptocurrencies are positioned for potential upside breakouts that could align them with Bitcoin’s trajectory. However, Brandt emphasized Solana’s current performance, urging investors to pay close attention to its recent breakout into new highs.
According to Brandt, Solana has successfully surpassed key resistance zones and is poised to establish new all-time highs. The cryptocurrency is trading significantly above its 8-week Simple Moving Average (SMA), indicating robust bullish momentum. This upward trend suggests that any price pullbacks might find support around this average, reinforcing Solana’s potential for further gains.
ETH Struggling To Break Resistance Level
Conversely, Ethereum’s chart reveals a different story. Despite maintaining a position above its 8-week SMA, Ethereum is grappling with breaking through the $2,800 resistance level. As it approaches this threshold, ETH encounters considerable selling pressure, which hampers its ability to achieve new highs.
The persistent resistance Ethereum faces underscores the challenges it must overcome to establish new peaks. While the SMA suggests potential for upward momentum, the cryptocurrency needs to navigate through multiple resistance zones to realize its growth potential fully.
Brandt Prefers Sol
Peter Brandt expressed a preference for Solana, stating, “I always favor new highs and prefer SOL.” Despite Ethereum’s dominance in decentralized exchange (DEX) volume over the past 24 hours, with $2.94 billion compared to Solana’s $2.53 billion, Brandt’s preference hinges on Solana’s recent performance and potential for setting new records.
Notably, Solana has outpaced Ethereum in the 7-day trading volume, registering $13.61 billion against Ethereum’s $10.99 billion. This data reinforces Solana’s appeal to traders and investors looking for emerging opportunities in the decentralized finance (DeFi) space.
