Solana vs Ethereum: Analyst Predicts 100% Price Increase for SOL Compared to ETH
Market analysts have been anticipating Solana (SOL) to surpass Ethereum (ETH) on price charts, replicating its performance from late 2023 to early 2024. Notable trader and price chart analyst, Peter Brandt, has also echoed this sentiment, projecting that SOL could outperform ETH by 100% in the coming months.
Brandt highlighted the competition between SOL and ETH, foreseeing a significant advantage for SOL. He emphasized that SOL is poised to gain 100% over ETH in the foreseeable future. His prediction is grounded in the SOLETH ratio, which recently revisited its all-time high for the third time.
The SOLETH ratio tracks SOL’s performance relative to ETH, currently standing at 0.059, indicating that SOL is valued at 0.059 ETH. A rising ratio signifies SOL outperforming ETH, while a decline suggests the opposite. Brandt’s analysis revealed a cup-and-handle pattern in the SOLETH price action, a bullish formation with an initial breakout target of 0.11.
If this projection materializes, SOL investors are expected to reap higher returns compared to ETH holders. In recent trading days, SOL demonstrated strength by climbing 12% and trading above $150, while ETH experienced a 2.7% decline despite trading above $2500.
Despite facing FUD (fear, uncertainty, disinformation), Solana has shown resilience in its price performance. The memecoin frenzy surrounding SOL has led to it being dubbed a ‘gambling chain.’ However, Mert Mumtaz of Helius Labs believes that the gambling perception is a broader crypto issue and not exclusive to Solana.
Solana has outshined Ethereum in various aspects, including daily active addresses and occasional dominance in DEX volumes and revenues. Nevertheless, ETH maintains a lead in Total Value Locked (TVL), with Ethereum boasting $48 billion against SOL’s $4.9 billion, indicating higher investor confidence in Ethereum.
The comparison between SOL and ETH continues to intrigue market observers, with SOL’s potential to outperform ETH remaining a focal point of discussion in the crypto community.
