Ethereum, Solana, Voice of Crypto
Ethereum has gained 9% against Bitcoin in a week, surpassing $3,600.
Large investors bought millions of dollars worth of Ethereum, indicating confidence in its future.
DeFi across Ethereum and its layer-2 solutions are experiencing significant growth after the Dencn upgrade.
Through it all, analyst Peter Brandt predicts a possible 100% surge for Solana against Ethereum.
This surge would put Solana close to $400, making it directly poised to challenge Ethereum soon
The crypto market—particularly the altcoin market—has been lit up by speculation over the past few days, especially considering Ethereum's performance.
The cryptocurrency, at the time of writing, has been strengthening against Bitcoin in the BTC/ETH charts and is up by a staggering 9% over the last week.
Moreover, Ethereum has crossed the $3,600 line and is showing all the right signs of breaking free from Bitcoin's grip.
There are also reports of whales jumping into the Ethereum pool with tens of millions, along with skyrocketing growth throughout the Ethereum ecosystem.
Let’s go over what all of this means, and why Ethereum may be on the cusp of something massive.
According to new insights from Spot on Chain, two new unidentified whales have jumped into the Ethereum fray by buying/withdrawing a staggering 11,700 ETH from Binance.
This stash of Ethereum, at the time of the purchase, was worth around $40 million, at a value of around $3,450 per coin.
Whales buying Ethereum
This came in only a few hours after Spot on Chain detected a separate cohort of two whales who spent around $35 million worth of stablecoins to buy 10,322 $ETH.
Spot on Chain even speculated that these two whales may have been directly responsible for pumping the price of the cryptocurrency above $3,400.
Naturally, this means that these whales—whomever they are—have strong faith that something massive is about to happen with Ethereum.
This isn’t all with Ethereum.
According to data from Defillama, the TVLs of the entire Ethereum ecosystem have experienced significant rallies in the last week.
TVL from all chains
Ethereum’s TVL for example, is up by around 12.38% in the last week, Arbitrum by around 5.62%, Polygon’s by 4.76%, and Base takes the cake with a staggering 30% rally.
This growth is not without reason, as it turns out.
Recent IntoTheBlock data posted on Twitter shows that the number of transactions on ETH layer 2s has skyrocketed so far, following the Dencun upgrade.
This means that contrary to the lack of hype around the Dencun upgrade since its 13 March launch, the growth under the hood has been massive.
Despite Ethereum’s current bullish run, a new tweet from veteran trader, Peter Brandt shows that Solana has everything it takes to “double its value against ETH”.
Solana directly challenging Ethereum
According to a recent tweet from Brandt, the SOL/ETH chart is starting to approach a critical resistance point.
The thing about resistance is that explosive rallies almost always follow, and Brandt suggests that Solana clearing this line might cause the cryptocurrency to spike by 100% against Ethereum.
In particular, Brandt’s analysis points to a possible rise in SOL/ETH to 0.11009 ETH, if we see this breakout happen around 0.055 ETH (or $188.70 per Solana).
This means that Solana might be headed for a massive spike to $377.72 pretty soon, beating Ethereum soundly in terms of price movement.
Will this rally on Solana happen? Maybe.
However, as the market continues to gravitate towards the upcoming bull cycle, it remains to be seen whether Ethereum can maintain its dominance, or whether Solana will trend upwards, and possibly challenge Ethereum directly someday.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.