According to U.Today, Peter Brandt, a seasoned trader with decades of experience, has recently sparked interest within the cryptocurrency community by predicting that Solana (SOL) could potentially outperform Ethereum (ETH). Brandt suggests that if a significant resistance level is overcome, Solana might double its value against Ethereum. This prediction comes amidst ongoing market fluctuations, as demonstrated by recent price drops.
Brandt has pinpointed a crucial resistance point on the SOL/ETH chart, a technical barrier where sell orders are concentrated. If buyers can absorb this selling pressure, the price of SOL relative to ETH could see a substantial increase, potentially doubling SOL's value against ETH. Despite his seemingly bearish stance on Ethereum, Brandt clarifies that his views are not as pessimistic as they may appear.
In a tweet on April 4, Brandt expressed his doubts about Ethereum, labeling it as a 'junk coin.' However, in a subsequent tweet, he indicated a change in his stance, stating that he would not hesitate to take a leveraged long position in ETH if the charts suggested it. At the time of writing, the SOL/ETH indicator was slightly lower, at 0.0524. Solana had increased by 0.56% in the previous 24 hours to $174, while Ethereum had risen by 1.83% to $3,319.
In related news, Anza, a Solana-focused development shop building the Solana client Agave, has provided updates on efforts to address the current congestion on the Solana network. The team, in collaboration with other core contributors, is investigating the root cause of the network congestion on Solana and considering several potential changes. The main issue pertains to a QUIC implementation and the behavior of the Agave validator client on Solana when asked to process a large number of requests. The Anza team is testing a patch to address the current network congestion, and if successful, the patch may be implemented more widely. To enhance network performance, further improvements and changes are expected to be introduced in the coming months.