- Brandt prefers Solana and Bitcoin over Ethereum, citing Ethereum’s drop below key support level against Bitcoin.
- Brandt emphasizes chart-based trading decisions, open to leveraged ETH positions if chart indicators suggest favorable movements.
Peter Brandt, an experienced trader, recently analyzed that Solana (SOL) has the potential to increase its value relative to Ethereum (ETH). Brandt noted that the trading pair SOL/ETH is approaching a resistance level. He posited that if this resistance is broken, Solana could see its value relative to Ethereum double.
The $SOLETH chart is at huge resistance. Resistance = supply. If this supply line is absorbed, then there is a prospect of $SOL doubling in value vs. $ETH.
BTW, if you have not figured it out yet, I love dumping FUD on ETH — I am actually not as bearish as my FUD indicates pic.twitter.com/jCiOey7SyU— Peter Brandt (@PeterLBrandt) April 5, 2024
Beyond Solana, Brandt expressed a preference for Solana over Ethereum. He indicated that Ethereum has dropped below a key support level against Bitcoin, as observed in the ETH/BTC trading pair.
He clarified his approach to trading, emphasizing reliance on chart analysis. “Should the charts indicate, I would not hesitate to take a leveraged long position in ETH. A chart is a chart is a chart” he stated, underscoring his methodical, chart-based strategy for trading decisions.
As a post note, I am a chart-based swing trader. I would not hesitate taking a leveraged long position in $ETH if the charts so indicated. A chart is a chart is a chart. https://t.co/JcHGSUQeL4
— Peter Brandt (@PeterLBrandt) April 5, 2024
This analysis suggests that ETH/BTC has fallen below the support level of 0.05 BTC ($3,485), with its current price at 0.04931 BTC ($3,424). Brandt’s observations offer insights into potential market movements between these leading digital currencies, highlighting the importance of technical analysis in predicting price changes.
The current price of Solana (SOL-USD) is approximately $171.89, following a decrease of $8.45.
Solana’s Lead in Stablecoin Transactions
Solana has recently been highlighted by AllianceBernstein analysts as surpassing Ethereum in the domain of stablecoin payments. This development positions Solana at the forefront for cross-border payments utilizing stablecoins.
According to a recent report, Solana has achieved a good market share, reaching 43%, in the transfer value of stablecoins, surpassing the previously leading Ethereum.
Data from the crypto analytics platform Artemis indicates that Solana’s share of stablecoin transfers amounted to $63.6 billion out of a total of $116.7 billion. Ethereum followed with transfers totaling $26.6 billion.
It’s important to note, however, that Ethereum still holds a larger market cap in terms of stablecoin holdings on its blockchain, though much of this capital remains inactive.
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