Veteran crypto analyst, Peter Brandt has unveiled a new bearish forecast for Solana (SOL), predicting a massive price crash to new lows around $80. Despite this grim outlook, there remains a potential for a price recovery as other analysts foresee Solana jumping as high as $208.
SOL Heading For $80 Price Crash
As of writing, the price of Solana just hit $150, up from an initial value of $148 and successfully breaking past resistance levels around $149. This significant price increase represents an 8.49% surge, underscoring investors’ strong interest and demand for the altcoin.
Despite the recent bullish performance, Brandt has issued a bleak forecast for Solana, anticipating a steep 46.67% price crash in its price from current levels. The crypto analyst’s pessimistic prediction on X (formerly Twitter) is grounded on the possibility of Solana failing to break through key support levels.
Brandt points out that if Solana’s price falls below the $129 support mark, and this support “gives way,” then a large rectangle pattern would be complete. This concluded rectangle could lead to a significant price drop, with a potential downward spiral to $80.
Following his post, a crypto community member questioned Brandt on why he refers to the pattern as a rectangle, rather than a descending triangle. He also inquired if the wick of the July high was influencing his classification of this rectangle.
Responding, Brandt clarified that the interpretation of whether it is a rectangle or a descending triangle depends on how the boundaries of the chart pattern are drawn. He stated that regardless of wicks, closing prices, real body and candle sticks, both shapes could lead to similar expectations in terms of price movements.
In his Solana price chart, Brandt also noted a new resistance level around the $204 mark has emerged for the altcoin, suggesting a possibility for the cryptocurrency to reach that threshold.
Moving forward, the implications of an $80 price decline for Solana would reflect a considerable downside risk that could be financially detrimental for investors. As Solana continues to navigate the volatile market, investors can monitor key changes in the cryptocurrency’s trajectory to make more informed investment decisions.
Solana Price Decline To Spark $208 Rally
While analysts like Brandt are anticipating a price crash for Solana, another market expert identified as ‘TraderXO’ on X has provided a more conservative price decline that would precede a major bull rally.
Essentially, TraderXO is bullish on the long-term outlook of Solana. The analyst revealed that the price of Solana could begin trading into the $120s again, declining from its present price of $150.
However, the analyst revealed that he would be considering “longing again” around this declined level, anticipating a major bull run to $208 for the cryptocurrency. For this to happen, Solana will have to experience a significant 38.67% increase from its current price.
Featured image created with Dall.E, chart from Tradingview.com