The post Peter Brandt Claims ETH, SOL Poised For Breakouts, Favours Solana For Its New Highs appeared first on Coinpedia Fintech News
In the latest X post, veteran trader Peter Brandt shared a trader’s perspective on Solana and Ethereum. He noted that both are poised for upside breakouts to join Bitcoin; however, he specifically pointed out Solana and urged the users to notice SOL breaking out into new highs.
$ETHUSD vs. $SOLUSD (same period)A trader's perspectiveBoth are poised for upside BOs to join BitcoinBut notice, SOL breaking out into new highsETH chewing into overhead resistance (supply)I always favor new highs and prefer SOLOnly those supporting @elonmusk can reply pic.twitter.com/rzQCZOjP9c
— Peter Brandt (@PeterLBrandt) November 7, 2024
Brandt Finds Solana More Promising
He mentioned that Solana is breaking out into new highs while Ethereum is “chewing” into overhead resistance. The chart showed that SOL is on the verge of breaking the resistance at $200 and soaring beyond its current all-time high (ATH) of $260.
Solana has cleared critical resistance zones and is in the process of setting new highs. Solana is trading well above its 8-week SMA. Staying above this average shows strong bullish momentum for Solana and any pullbacks could find support at this level.
ETH Struggling To Break Resistance Level
The Ethereum chart on the other hand showed that ETH is still struggling to break above the $2,800 resistance level. The chart also reveals that Ethereum encounters selling pressure as it moves towards higher levels.
Ethereum’s price remains above the 8-week Simple Moving Average (SMA) which suggests upside momentum. However, ETH still faces multiple resistance zones to achieve new highs.
Brandt Prefers SOL
Brandt shared “I always favor new highs and prefer SOL.” He also noted that he prefers Solana over Ethereum.
Solana and Ethereum continue to fight to cement their positions in DeFi. In the last 24 hours, Ethereum is number 1 among all networks in terms of DEX volume. It witnessed a trading volume of $2.94 billion during this period while Solana is behind with a trading volume of $2.53 billion.
However, Solana still leads Ethereum in 7-day trading volume, with $13.61 billion traded during this period while Ethereum’s volume stands $10.99 billion.
