Veteran Trader Peter Brandt Makes Epic Solana vs Ethereum Prediction

Photo of author
Written By Maya Cantina

Sat, 6/04/2024 – 16:43

Cover image via youtu.be

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Peter Brandt, a well-known figure in the trading community with decades of experience, recently predicted Solana price’s potential to outperform Ethereum, triggering intrigue and speculation within the cryptocurrency community.

Advertisement

In a recent tweet, Brandt, a veteran trader, predicted that Solana (SOL) might double its value against Ethereum (ETH) if a significant resistance level is breached. This forecast comes amid ongoing market volatility, as evidenced by price drops.

Brandt has identified a key resistance point on the SOL/ETH chart. In his words, he mentions that the SOL/ETH chart is a huge resistance.

The resistance level that Brandt refers to is a technical barrier where sell orders are clustered. If buyers manage to absorb this selling pressure, SOL’s price relative to ETH might rise significantly, with the prospect of SOL’s worth doubling against ETH.

While it might seem that Brandt is bearish on Ethereum, he adds that he is not as bearish as his views might seem.

Brandt expressed his skepticism about ETH in an April 4 tweet, referring to it as a “junk coin.” In what seemed like a shift in his position, Brandt said in a different tweet that he would not hesitate to take a leveraged long position in ETH if the charts indicated it.

At the time of writing, the SOL/ETH indicator was somewhat lower, at 0.0524. Solana was up 0.56% in the previous 24 hours to $174, while Ethereum rose 1.83% to $3,319.

Solana addresses network congestion

Anza, a Solana-focused dev shop building the Solana client Agave, has released updates on progress in addressing the present congestion on the Solana network. The fixes are likely to be issued next week.

Anza, in collaboration with other core contributors, is analyzing the root cause of the network congestion on Solana and evaluating several potential changes.

The core issue relates to a QUIC implementation and the behavior of the Agave validator client on Solana when asked to process a large number of requests. In this light, the Anza team will be testing a patch to address current network congestion, and if successful, the patch might have a wider rollout.

In a bid to increase network performance, more improvements and changes are expected to be rolled out over the coming months.

SOURCE

Leave a Comment

AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk AcUk