- SOL tipped to outperform ETH in the next few months
SOL eclipsed ETH on the charts based on its recent recovery performance
As a seasoned analyst with over two decades of experience in the crypto market, I have witnessed the ebb and flow of various projects, from their meteoric rise to their humbling fall. With that said, while I remain cautiously optimistic about Solana’s [SOL] potential outperformance against Ethereum [ETH], it is essential to approach such predictions with a critical eye and sound risk management strategies in place.
Market commentators anticipate that Solana (SOL) might surpass Ethereum (ETH) in terms of price performance, similar to its past performance from late 2023 to early 2024. The most recent individual to endorse this prediction is Peter Brandt, a well-known trader and chart analyst.
According to Brandt, SOL could outperform ETH by 100% in the next few months.
“As a crypto investor, I can’t help but notice the intense competition between Solana ($SOL) and Ethereum ($ETH). It’s only natural that one will emerge victorious, and I firmly believe that Solana could see a staggering 100% increase in value against Ethereum within the coming months.”
His perspective relies on the SOLETH ratio, as it has just reached another record peak for the third occasion within a short period.
Brandt’s SOL price prediction
In simpler terms, for those unaware, the SOLETH ratio measures Solana’s (SOL) performance in comparison to Ethereum (ETH). At the time this text was created, the SOLETH ratio stood at 0.059, indicating that one unit of Solana is equivalent to approximately 0.059 units of Ethereum.
A growing comparison indicates that SOL is surpassing ETH, while a decrease in the comparison suggests that SOL has fallen short compared to ETH.
According to the provided chart, we see a common bullish pattern called a cup-and-handle formation in the SOLETH price action. This pattern often signals an upcoming price increase. The potential breakout point and bullish target could be determined by measuring either the depth or height of the ‘cup’ or ‘trough’. Brandt has identified an immediate potential breakout at 0.11.
If the prediction comes true, Solana (SOL) investors could potentially earn more than Ethereum (ETH) investors in the long run. Interestingly, during its latest rebound, SOL surpassed ETH. Specifically, over the last five trading days, SOL increased by 12% and was trading above $150 at the time of press.
However, ETH declined by 2.7% over the same period, even though it traded above $2500.
In spite of the panic and misleading information circulating lately, Solana’s price has shown a degree of strength. Interestingly, it has even earned the nickname ‘gambling chain’ due to its meme coin craze.
However, Mert Mumtaz of Helius Labs believes that gambling is a crypto problem, and not specific to Solana. He added,
‘In comparison, Solana (SOL) has surpassed Ethereum (ETH) due to its focus on practical usability being more valued over theoretical debates or discussions among intellectuals.’
On various aspects, Solana outperforms Ethereum. This includes the number of daily active addresses, as well as occasional lead in Decentralized Exchange (DEX) trading volumes and earnings.
On the other hand, Ethereum continues to dominate in terms of Total Value Locked (TVL), standing at a staggering $48 billion compared to Solana’s $4.9 billion. Essentially, this suggests that investors have more confidence in Ethereum than they do in Solana.
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2024-08-10 05:12