The approval of a Solana ETF in Brazil has been the catalyst for SOL’s recent surge to $160, as one well-known crypto trader has discussed its ongoing competition with Ethereum. Indeed, the Brazilian publication Exame reported that the first Solana-based ETF has been greenlit. That has driven speculation of similar approvals granted in the US, and created positive sentiment for the crypto.
It recently set a new all-time high against Ethereum. That has reignited the ongoing rivalry between the two networks. With the market calling for SOL ETF in the US, and ETH’s iteration underperforming, Solana is certainly making its case.
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Solana ETF Approval Drives Rally as SOL and ETH Rivalry is Renewed
A crypto market crash Monday wreaked havoc on the market. A host of tokens plummeted in value amid the US stock market losing $2 trillion. Although many coins are rebounding quite well from the event, one has stood out.
Indeed, Solana has seen recent ETF approval drive SOL back to $160 as its feud with Ethereum has caught some steam recently. In the last 24 hours, SOL has surged more than 7%, according to CoinMarketCap. Moreover, it is still up more than 14% in the last 30 days to its current $159 price despite the crash that started the week.
In a recent post to X (formerly Twitter) crypto expert Peter Brandt commented on the Solana and Ethereum comparisons. However, Brandt didn’t seem to understand the conflict. To him, SOL has proven to be the superior asset.
Also Read: Solana: SOL Up Nearly 40% From Post-Crash Lows as Meme Coins Surge
“In the battle between SOL and ETH it was inevitable there would be a clear winner,” Brandt said. He then called Ether “cumbersome, expensive, flaws, claims to be decentralized when its not.” Alternatively, he said Solana was “user-friendly,” with a good foundation.
In the end, Brandt remarked that Solana “should gain 100% on ETH in months ahead.” That was referring to SOL’s recent all-time high against the second-largest crypto. it has thrived so far in 2024. That is expected to continue. Moreover, 2025 should see talks of a Solana ETF in the US truly come to fruition.
