SOL may be tipped for higher upside potential against ETH on the price charts.
- SOL tipped to outperform ETH in the next few months SOL eclipsed ETH on the charts based on its recent recovery performance
Market commentators have been expecting Solana [SOL] to outperform Ethereum [ETH] on price charts as it did between late 2023 and early 2024. Peter Brandt, renowned trader and price chart analyst, is the latest figure to add his voice to this projection.
According to Brandt, SOL could outperform ETH by 100% in the next few months.
“In the battle between $SOL and $ETH it was inevitable there would be a clear winner…$SOL should gain 100% on $ETH in months ahead.”
Source: X/Peter Brandt
His outlook is based on the SOLETH ratio, with the same recently retesting its all-time high for the third time.
Brandt’s SOL price prediction
For the unfamiliar, the SOLETH ratio tracks SOL’s performance relative to ETH. At the time of writing, the SOLETH ratio had a reading of 0.059, meaning SOL was worth 0.059 ETH.
A rising ratio underscores that SOL has been outperforming ETH. On the other hand, a decline in the ratio would mean SOL has underperformed ETH.
Based on the attached chart, the overall SOLETH price action has chalked up a cup-and-handle pattern – A typical bullish formation. A breakout and bullish target would be relative to the depth or height of the ‘cup’ or ‘trough.’ The immediate breakout would be 0.11, as Brandt marked.
If the projection plays out, SOL holders would be more profitable than ETH holders. Apart from the long-term outlook, SOL also eclipsed ETH during its most recent recovery. Over the past five trading days, for instance, SOL climbed by 12% and traded above $150 at press time.
However, ETH declined by 2.7% over the same period, even though it traded above $2500.
Source: SOL vs ETH price performance
Despite recent FUD (fear, uncertainty, disinformation), Solana’s price has been somewhat resilient. In fact, due to its memecoin frenzy, SOL has been labelled a ‘gambling chain’ too.
However, Mert Mumtaz of Helius Labs believes that gambling is a crypto problem, and not specific to Solana. He added,
‘SOL has outperformed ETH because people care more about usability than intellectual circle jerking’
Solana has eclipsed Ethereum on several fronts, from daily active addresses to occasionally, DEX volumes and revenues.
However, ETH has maintained the lead on TVL (total value locked), with the same noting figures of $48 billion against SOL’s $4.9 billion. What this means is that Ethereum has higher investor confidence relative to Solana.
Source: Artemis
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