- Brandt predicted that Solana could double versus Ethereum.
- Solana showed significant growth despite recent network issues.
Solana [SOL], a cryptocurrency that previously aimed for $200, has encountered setbacks amidst a bearish sentiment in the weekly charts.
However, its 24-hour price cycle depicted a 3.56% surge, mirroring optimism in the border market. Inasmuch, renowned crypto trader Peter Brandt, in his recent X (formerly Twitter) post, noted,
“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.”
Ethereum vs Solana
This isn’t the first time Brandt has criticized Ethereum, underscoring ongoing debates within the crypto sphere about its position and potential. On the 5th of April, Brandt tweeted,
“I get tired of saying it, but $ETH is a junk coin despite mindless devotion of Etheridiots. As a store of value it is junk – a $BTC pretender.”
Despite his criticisms, Brandt indicated his willingness to take advantage of Ethereum’s [ETH] market fluctuations.
Amidst these setbacks, Solana’s recent network congestion and transaction failures have also stirred discussions within the crypto community.
Addressing the concerns, Matt Sorg, Solana’s Tech and Product Lead, said,
“Solana is a highly efficient protocol that hasn’t nearly hit its scaling ceiling. This particular issue doesn’t hit the transaction processing part of the protocol and isn’t an issue of failed transactions.”
What’s on the price front?
Surrounded by various downturns, Solana experienced a 2.2% drop last week, however, it has shown substantial growth, climbing by 34.15% in the past 30 days and an impressive 752.41% over the last year.
Analysts interpret this recent short-term decline as a temporary setback within Solana’s overall upward trend.
Ergo, with the Bitcoin [BTC] halving anticipated later this month, experts see the current market downturn as a potential opportunity for investors to enter the market before an expected recovery.