Peter Brandt believes that there is a direct prospect of doubling the price of Solana in relation to Ethereum

Crypto analyst Peter Brandt pointed out a high level of resistance on the Solana/Ethereum chart, which indicates an important factor associated with the growth of the SOL rate. The trader suggested that the cryptocurrency would be able to overcome the designated resistance level, and the value of the digital asset could increase by 2 times compared to ether.

“There is a clear prospect of that Solana might double its value against Ethereum,” Brandt noted.

In his opinion, ETH cannot be a savings instrument. The second-largest cryptocurrency by capitalization has operational problems, especially in the context of second-tier solutions, as well as high fees.

At the same time, the analyst believes that SOL is characterized by high throughput and relatively small commissions. The crypto asset is gaining more and more attention as an alternative to the existing scalability problems of ETH.

CoinCodex analysts predict an increase in the value of Solana by more than 3 times within a month. They believe that the SOL rate will rise throughout April and early next month.

Experts have suggested that the price of the digital asset will reach a maximum of $612.5, surpassing the record that was reached in November 2021 by 135%.

“Per our technical indicators, the current sentiment is Neutral while the Fear & Greed Index is showing 76 (Extreme Greed). Solana recorded 18/30 (60%) green days with 8.66% price volatility over the last 30 days. Based on the Solana forecast, it’s now a good time to buy Solana,” CoinCodex representatives noted.

The valuation of the Pantera cryptocurrency fund is about $300 million. Its growth is associated with a serious change in investment focus. The fund decided to reduce the share of BTC and ETH, choosing SOL and other altcoins.

As Pantera Capital portfolio manager Cosmo Jiang noted, there are certain difficulties with crypto assets that are associated with Ethereum. He also pointed to the relatively small chances of ETH-ETF approval in the near future.

Messari, in turn, noted that Solana has advanced its support for institutions by launching extensions for tokens that provide a set of customizable functions for their issuers. But the increase in network activity caused congestion, which can be resolved through future updates.