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Veteran crypto analyst Peter Brandt has a new bearish forecast for Solana (SOL), predicting a massive price crash to new lows around $80. Despite this bleak outlook, the potential for a price recovery remains as other analysts foresee Solana rising to $208.
SOL heading for an $80 price crash
At the time of writing, the price of Solana just reached $150increased from an initial value of $148, and with success breaking through resistance levels around $149. This significant price increase represents an increase of 8.49%, underscoring the strong investor interest and demand for the altcoin.
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Despite the recent bullish performanceBrandt has issued a gloomy forecast for Solana, which expects a steep price drop of 46.67% from current levels. The pessimistic prediction of the crypto analyst on X (formerly Twitter) is based on the possibility of Solana fails to break through key support levels.
Brandt points out that if Solana’s price falls below the $129 support line, and this support “gives out,” a large rectangular pattern would be complete. This closed rectangle could lead to a significant price drop, with a potential downward spiral to $80.
After his post, a member of the crypto community asked Brandt why he refers to the pattern as a rectangle, instead of a descending triangle. He also asked whether the fuse of the July high affected his classification of this rectangle.
In response, Brandt clarified that the interpretation of whether it is a rectangle or a descending triangle depends on how the boundaries of the map pattern are drawn. He stated that regardless of the wicks, the closing prices, the real body and the candlesticks, both forms could lead to similar expectations in terms of price movements.
In his Solana price In the chart, Brandt also noted that a new resistance level around $204 has emerged for the altcoin, indicating that the cryptocurrency may reach this threshold.
Looking ahead, the implications of an $80 price drop for Solana would carry significant downside risk that could be financially detrimental to investors. As Solana continues to navigate the volatile marketInvestors can monitor key changes in the cryptocurrency’s trajectory to make more informed investment decisions.
Solana price drop leads to $208 rally
While analysts like Brandt expect a price crash for Solana, another market expert identified as ‘TraderXO’ on as long as a more conservative price drop that would precede a big bull rally.
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At its core, TraderXO is optimistic about Solana’s long-term prospects. The analyst revealed that Solana’s price could move back towards $120, dropping from its current price of $150.
However, the analyst revealed that he would consider “re-desiring” around this dropped level. anticipating a big bull run up to $208 for the cryptocurrency. For this to happen, Solana will need to experience a significant upside of 38.67% from its current price.
Featured image created with Dall.E, chart from Tradingview.com
Credit : www.newsbtc.com
