While the cryptocurrency market has been experiencing a recovery trend in recent days, the leading cryptocurrency Bitcoin went on the offensive yesterday and rose above $93,000.
This rise in BTC also moved altcoins, with the largest altcoin, Ethereum (ETH), exceeding $ 1,800. While ETH rose by 13.5% in the last 24 hours, XRP rose by 7.2%, Dogecoin (DOGE) by 13%, and Solana (SOL) by 7%.
While SOL gained $150 with this rise, the legendary analyst stated that this rise could continue.
Popular analyst Peter Brandt, who has over 50 years of experience, stated that he is optimistic about SOL and argued that Solana could outperform Ethereum.
Peter Brandt noted the formation of the classic “cup and handle” pattern on the SOL/ETH chart, saying that this pattern is a bullish signal. This pattern is a well-known technical pattern that usually signals an upward breakout.
Pointing out that Solana could experience a big explosion against Ethereum in the face of this formation, the analyst stated that SOL could rise twice against ETH.
Calling ETH “invalid,” Brandt pointed to the increasing volume and technical strength in SOL.
Solana’s rise is also gaining institutional support, with Bitcoin supporter Cathie Wood’s firm Ark Invest making its first direct investment in SOL, while cryptocurrency firm Galaxy Digital sold its Ethereum holdings and bought Solana from Binance.
*This is not investment advice.
