Peter Brandt Predicts Solana (SOL) Will Hit New Highs, But Prefers It Over Ethereum (ETH)

Veteran trader and renowned voice in the crypto space, Peter Brandt, has waded into the discourse. In a post on X, Brandt approached the discourse from a trader's perspective.

Veteran trader Peter Brandt has joined the discussion on the broader cryptocurrency space as the debate over Decentralized Finance (DeFi) dominance continues with every investor having their preferences. Whether utility, gas fee, transaction speed, or throughput serves as an anchor for an investor’s preference. This time, the discourse centers on Ethereum (ETH), the leading altcoin, and Solana (SOL), its biggest competitor.

Brandt’s Analysis: Potential for a SOL Breakout

A post by Brandt on X approached the discourse from a trader’s perspective as he analyzed the potential for upward price movement in the current market for the two assets.

Brandt acknowledged that both Ethereum and Solana could experience a price breakout. He suggested that the price of both assets could follow the upward trajectory of Bitcoin. If realized, this could signal a bullish season for the broader crypto market.

Specifically, Brandt pointed out with charts that Solana is heading toward “new highs.” This breakout to new highs suggests strong buying pressure as SOL moves toward price levels it has not reached before. Notably, from the chart, SOL could break its $200 resistance level and test its all-time high (ATH) of $260.

Meanwhile, the veteran trader highlighted that Ethereum is “chewing into overhead resistance supply.” This indicates that ETH is encountering resistance levels where previous sell-offs occurred, generating a supply zone for Ethereum sellers. According to Brandt, breaking through this resistance level could be challenging for the asset.

Brandt’s analysis suggests that while both assets look primed for an upward climb, he gives preference to Solana as it has already broken to new highs, unlike Ethereum, which has a resistance level that it has failed to overcome. This suggests a more immediate advantage in SOL’s price over ETH’s.

Ethereum and Solana DeFi Upgrades for Competitiveness

Recently, the Ethereum Foundation launched the Pectra Testnet, which could go live by February 2025. This upgrade follows the successful launch of the Dencun upgrade.

The upgrade aims to integrate standard wallet smart contract functionalities via the Ethereum Improvement Proposal (EIP) 3074. When completed, this will simplify transactions, improving efficiency, and reducing costs.

Solana has also carried out some performance upgrades recently, including the implementation of the Quick UDP Internet Connections Transaction Processing Unit (QUIC TPU) and the v1.17 update for validators.

These upgrades have increased transaction speed and reduced network outages, which will help solidify Solana’s rating as a leading platform for decentralized finance.

Future Price Projections for Ethereum and Solana

At the time of this writing, both Ethereum and Solana have recorded significant gains. ETH has climbed by 7.73% to $2,860.42 but with a 10.55% decline in market volume to $34.28 billion.

The SOL price was $194.40, representing a 4.37% increase. Its market volume has also declined sharply from 49.73% to $4.67 billion.

However, projections by experts indicate that the price of Solana may rise further due to the possibility of an exchange-traded fund (ETF). Some bold predictions have hinted at the potential for SOL to rally up to the $300 mark. With the recent unveiling of Ethereum’s Pectra Testnet, ETH price could be set to climb to the $4,000 zone. Moreover, a surging open interest for Ethereum bodes well for a price spike.