The Solana and Ethereum debate has come up a lot in this market cycle, especially with SOL currently outperforming ETH. Veteran trader Peter Brandt has also weighed in on the conversation and provided insights into why SOL is ahead of ETH from a trader’s perspective.
Why Solana Is Ahead Of Ethereum
In an X post, Peter Brandt mentioned that Solana is breaking out into new highs while Ethereum is “chewing” into overhead resistance. He made this statement while analyzing SOL and ETH’s weekly chart from a trader’s perspective.
The Solana chart he shared showed that SOL is on the brink of breaking the resistance at $200 and flying past its current all-time high (ATH) of $260. This aligns with a CoinGape analysis, which noted that the Solana price is eyeing $300 as SOL ETF approval odds rise.
Meanwhile, the Ethereum chart showed that ETH is still ranging and is struggling to break above the $2,800 resistance. However, ETH could still eventually reach new highs as Brandt stated that both altcoins are poised for breakouts to the upside to join Bitcoin. The Ethereum Foundation recently launched the Pectra Testnet, a development that could again inspire confident ETH investors as ETH price eyes $4,000.
For now, Peter Brandt is more bullish on SOL because he favors new highs, which the altcoin is already breaking into. The veteran trader also remarked that he prefers Solana over Ethereum. According to him, ETH is a “completely broken utility coin” whose complexity and cost of use are terrible.
The Battle For DeFi Dominance
Solana and Ethereum continue to battle for decentralized finance (DeFi) dominance. Recently, the former has topped the latter in decentralized exchange (DEX) volume among chains. However, DeFiLlama data shows that Ethereum may again be looking to reclaim its crown.
In the last 24 hours, Ethereum is number 1 among all networks in terms of DEX volume. The network has witnessed a trading volume of $2.94 billion during this period. Solana is behind with a trading volume of $2.53 billion in the last 24 hours.
However, it is worth mentioning that Solana still leads Ethereum in 7-day trading volume, with $13.61 billion traded on the network during this period. Meanwhile, Ethereum boasts a 7-day volume of $10.99 billion.
The post Solana Vs Ethereum: Veteran Trader Peter Brandt Reveals Why SOL Is Ahead appeared first on CoinGape.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed