Market veteran Peter Brandt notes that Solana and Ethereum are on the verge of recording an upside push, but confirms SOL has a more bullish setup.
Brandt highlighted that while both assets are on the cusp of potential upward breakouts (BOs) to catch up with Bitcoin (BTC) in its latest rally, he perceives Solana as the more promising investment due to its patterns and recent price behavior.
Ethereum Battles Overhead Resistance
In the weekly Ethereum chart, Brandt reveals that the leading altcoin is currently grappling with a major overhead resistance zone.
ETH was trading at $2,818 at the time of the analysis, showing a 14.63% weekly gain. However, the chart reveals that Ethereum encounters selling pressure as it moves towards higher levels. This shows substantial supply in the current range as old whales reawaken.
Notably, Ethereum is attempting to break through the overhead resistance near $3,000. This level is a crucial mark, as it aligns with previous high points where sellers emerged, creating a supply zone.
Interestingly, at the reporting time, Ethereum’s price remains above the 8-week Simple Moving Average (SMA), which is currently around $2,587. The current position suggests upside momentum. However, ETH still faces multiple resistance zones on the path to new highs.
While Ethereum does show promise, the overhead supply at these levels could limit its immediate upside potential. The struggle to clear resistance may cause a slower progression for ETH compared to assets making new highs. Meanwhile, VanEck’s Matthew Sigel recently suggested Ethereum was oversold.
For the altcoin to sustain its upward momentum, it needs a convincing breakout above the $3,000 mark with strong volume support. At press time, Ethereum has spiked 3.40% and currently trades for $2,816, a three-month peak.
Solana Eyeing New Highs
In contrast to Ethereum, Solana’s chart shows a much more bullish structure. At the time of analysis, Solana was trading at $187.38 with a weekly gain of 15.34% after overcoming the $180 resistance.
The chart highlights a prevalent consolidation channel, which has continued to dictate Solana’s price since March 11. Data confirms that SOL is making higher lows while testing the upper resistance near $200 multiple times, recently overtaking BNB in market cap.
The latest attempt occurred during the recent Bitcoin uptrend, with SOL spiking to $191 today. This pattern suggests a consolidation period that has now resolved in favor of buyers, indicating a likely extension of the uptrend.
Unlike Ethereum, Solana has cleared critical resistance zones and is in the process of establishing new highs. Breaking into new territory reduces the presence of overhead supply, meaning fewer resistance levels to impede SOL’s upward movement.
Notably, at a current price of $186.15, Solana is trading well above its 8-week SMA, currently at $161.36. Staying above this average shows strong bullish momentum, and any pullbacks are likely to find support at this level, strengthening the uptrend.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
