Legendary Trader Peter Brandt: SOL 'Clear Winner' Against ETH
u.today 08 August 2024 12:55, UTC Legendary old-school commodity trader Peter Brandt has made it clear that he prefers Solana over Ethereum as a trading asset. He also made a bullish price prediction on the SOL/ETH pair.
“SOL should gain 100% on ETH”
Brandt published a SOL/ETH chart, on which Solana first dumped against ETH and then printed a recovery, regaining its former position.
The chartist stated that he considers SOL a “clear winner” against ETH, which came inevitably. Brandt believes ETH to be “cumbersome, expensive, flawed, claims to be decentralized when its not”, while SOL is “user friendly, great foundation.”
His prediction about SOL is that he expects SOL to gain 100% on ETH in months ahead. Side from Solana, Brandt also favors Bitcoin and he made it clear in multiple tweets this year and previously too.
In the battle between $SOL and $ETH it was inevitable there would be a clear winner.$ETH – cumbersome, expensive, flawed, claims to be decentralized when its not$SOL – user friendly, great foundation$SOL should gain 100% on $ETH in months ahead pic.twitter.com/UNTYMugQy2
— Peter Brandt (@PeterLBrandt) August 8, 2024
In his earlier tweets, this year Peter Brandt criticized Ethereum, calling it centralized. However, he admitted that he still does not mind it as an asset since he is a trader. In the middle of June, the trading expert issued a bullish prediction on Ethereum, expecting the second largest cryptocurrency to soar above $5,600.
Binance invests in Solayer
Binance has recently also shown its preference towards Solana and projects based on it. According to a recent tweet of Chinese cryptocurrency blogger and journalist Colin Wu, Binance Labs has invested in a leading restaking network built on Solana – Solayer.
Its launching phase 1 started less than 60 days ago but Solayer has already grown to become one of the top biggest protocols on Solana, as per the data shared by DeFiLlama. This network as amassed more than $150 million in total value locked and has seen more than 70,000 unique deposit wallets join it.
As for Binance itself, according to a recent tweet by the @lookonchain analytics account, since August 5th, the platform has attracted a whopping $2.4 billion in inflows – $1.33 billion worth of USDT and $519 million in USDC.
Since the market drop on August 5, #Binance has experienced a net inflow of $2.4B.
This includes a net inflow of $1.33B in $USDT and $519M in $USDC.
Some investors appear confident in the market and are buying the dip. pic.twitter.com/hBKmXDKSEa
— Lookonchain (@lookonchain) August 8, 2024
The company’s CEO Richard Teng made a post about those large inflows earlier this week, pointing out that the $1.3 billion were received in merely 24 hours.
