Popular Crypto Analyst Peter Brandt Predicts a Bullish Surge for Solana
In a striking turn of events, renowned crypto analyst Peter Brandt has shared a bullish outlook for Solana (SOL), predicting the altcoin could witness a significant price surge in the coming weeks. This optimistic forecast starkly contrasts Brandt’s recent concerns where he suggested Solana might face a major price decline.
How High Can Solana Go?
Earlier this week, NewsBTC reported Brandt’s prediction of Solana potentially dipping to $80 if it failed to maintain its support level around $120. For most of the week, SOL exhibited a downward trend, trading as low as $128 on Thursday. However, the fifth-largest cryptocurrency has shown resilience in the last 48 hours, climbing to a peak price of $151 on Friday.
Peter Brandt highlighted this upward price movement, noting that Solana has consistently held the $120 price level over the past six months. Brandt now postulates that SOL may be poised for a “significant” advance. While he did not specify a precise price target, investors could anticipate a major upswing as Brandt expects notable price movements over the next 72 weeks.
Attention All Cryptomaniacs
Peter Brandt’s tweet on September 20, 2024, suggested that Solana’s support at $120 could become a launchpad for a substantial advance. This period is expected to coincide with the anticipated crypto bull run, with SOL being tipped as a standout performer. In the last bull run, Solana skyrocketed by over 1500%, reaching an all-time high of $260.
Interestingly, aside from long-term gains, Solana investors might also see immediate price increases, particularly as Q4 approaches. With Bitcoin expected to enter a bullish phase starting in October, Solana and other cryptocurrencies are likely to be influenced by the crypto market leader, potentially leading to significant gains for SOL.
Historically, Solana showed remarkable growth in Q4 2023, moving from around $22 to $112 and registering a 400% profit as Bitcoin surged from approximately $27,000 to $44,000. If Solana replicates its previous performance, it could rise to around $725 by December and potentially reach $2,175 in the next year.
SOL Price Overview
As of the time of writing, Solana is trading at $145.16, reflecting a 2.20% gain over the past day. The token has demonstrated steady performance over recent weeks, with gains of 4.62% and 3.03% over the past seven and thirty days, respectively. Meanwhile, Solana’s daily trading volume has increased by 23.07%, currently valued at $3.17 billion.
Conclusion
The evolving market dynamics and Peter Brandt’s optimistic forecast suggest that Solana could be on the verge of a significant price rally. Investors and enthusiasts should keep a close watch on SOL’s performance as the altcoin gears up for potential substantial gains in the coming weeks and months.
