Seasoned trader Peter Brandt is warning that Ethereum’s (ETH) biggest competitor is at risk of a significant correction.
Brandt tells his 738,400 followers on the social media platform X that Solana (SOL) could lose a key level of support at the lower bound of a trading range, sending it plummeting more than 43% from its current value.
“Observation about SOL. In an area of support. If support [around $129] gives way, then large rectangle will complete and point toward $80 and change.”
However, pseudonymous crypto trader Inmortal tells his 216,000 followers on the social media platform X that Solana may be gearing up for a massive breakout.
“Solano go brrrrr.”
Looking at his chart, the trader suggests that Solana could break out from under a descending resistance line, consolidate and then rip to around $350 by the summer of 2025.
Solana is trading for $142 at time of writing, up nearly 8% in the last 24 hours.
Brandt also recently outlined a potential scenario for Bitcoin that would end in fresh all-time highs.
He suggested that Bitcoin may be forming a massive cup-and-handle pattern that spans all the way back to late 2020.
“Might we declare Tea and Crumpets on this chart?”
A cup-and-handle formation is typically viewed as a bullish continuation pattern, suggesting that an asset is taking a breather after a steep rally before taking out a key resistance level.
Bitcoin is trading for $63,029 at time of writing, up nearly 3% in the last 24 hours.