SOL 'Clear Winner” Against ETH as Resurgent Crypto Market Celebrates Ripple-SEC Milestone Settlement

Layer-1 network Solana’s token (SOL) is also riding this wave of optimism and has soared to an all-time high against Ethereum (ETH).

After the court ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations, a New York court ordered the crypto market to experience a resurgence.

Solana’s token (SOL) has soared to an all-time high against Ethereum (ETH) amid optimism. In the meantime, the largest country in South America has approved a Solana-based exchange-traded fund (ETF). Is an explosive SOL thunderstorm approaching?

SOL emerges as ‘clear winner’ against ETH

Solana has also outperformed most other cryptocurrencies in recent days. Following the brutal crypto market sell-off triggered by US recession fears and Japanese market turbulence, SOL’s price has risen over 14% against Bitcoin (BTC) from the August 5 lows.

In fact, CoinGecko data shows that SOL has hit a new all-time high of 0.06399 against ETH.

Solana’s performance against ETH has led chart veteran Peter Brandt to conclude that SOL is the “clear winner” against ETH — a development that was bound to happen.

According to Brandt, ETH is “cumbersome, expensive, flawed, and claims to be decentralized when it isn’t,” whereas SOL is “user-friendly” and has a “great foundation.” As a classical chartist, he anticipates SOL to gain 100% on ETH in the upcoming months.

Other experts also anticipate a parabolic SOL breakout in the near future. Popular crypto trader Satoshi Flipper highlighted a bullish pennant on Solana’s four-hour chart, suggesting that the token may blast past the psychologically important $200 level next.

$SOL/usdt 4 hour?? https://t.co/tsLUbgN1Jf pic.twitter.com/kx2iv1BwQu

Solana’s SOL token has soared to an all-time high against ETH Solis also outperforming most other cryptocurrencies in recent days. Following the brutal crypto market sell-off sparked by US recession fears and Japanese market chaos, SOL’s price has gained over 14% against Bitcoin (BTC) from the August 5 lows.

In fact, SOL has registered a new lifetime best of 0.06399 against ETH, according to CoinGecko data.

Chart veteran Peter Brandt considers SOL a “clear winner” against ETH — which came inevitably.

Brandt thinks ETH is “cumbersome, expensive, flawed, claims to be decentralized when it’s not”, while SOL is “user-friendly” and has a “great foundation”. As such, the classical chartist expects SOL to gain 100% on ETH in the coming months.

Other pundits are also expecting a parabolic SOL breakout in the near term. Popular crypto trader Satoshi Flipper pointed out a bullish pennant on Solana’s four-hour chart, suggesting the token could blast above the psychologically important $200 level next.

$SOL/usdt 4 hour?? https://t.co/tsLUbgN1Jf pic.twitter.com/kx2iv1BwQu

Brazil ETF approval adds fuel to SOL

The Brazilian Securities and Exchange Commission (CVM) has approved a spot Solana exchange-traded fund (ETF).

According to local news outlet exame, the SOL-based ETF, which was created by Brazilian asset manager QR Asset and is being overseen by fund administrator Vortx, is currently in a pre-operational stage and awaiting approval from Brazilian stock exchange B3.

The investment vehicle will reportedly track the CME CF Solana Dollar Reference Rate, an index created by CF Benchmarks and the Chicago Mercantile Exchange (CME).

Commenting on the development, QR Asset manager and chief investment officer Theodoro Fleury said that the firm is a “global pioneer in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets.”

With the CVM’s approval, Brazil has notably beaten the U.S. to the punch. Following the surprising approval of nine U.S.-listed spot Ethereum ETFs last month, asset managers such as VanEck and 21Shares have already filed paperwork with the U.S. Securities and Exchange Commission (SEC) in the hopes of obtaining approval to launch Solana ETFs on Wall Street. However, the world’s largest asset manager, BlackRock, has withdrawn from the Solana ETF race.

The above is the detailed content of SOL 'Clear Winner” Against ETH as Resurgent Crypto Market Celebrates Ripple-SEC Milestone Settlement. For more information, please follow other related articles on the PHP Chinese website!