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Veteran cryptocurrency analyst Peter Brandt has revealed that New bearish outlook for Solana (SOL), Analysts expect oil prices to crash to new lows around $80. Despite these gloomy forecasts, there is still potential for prices to recover, with other analysts expecting Solana prices to jump to $208.
SOL Stock Headed for Collapse to $80
As of the time of writing, Solana price just hit $150up from an initial $148 and a success. Breaking previous resistance levels Around $149. This massive price increase represents an 8.49% increase, confirming strong investor interest and demand for the altcoin.
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Despite recent events Rising performanceBrandt has Issued Solana’s outlook is grim, with a steep 46.67% price drop expected from current levels. The cryptocurrency analyst’s pessimistic prediction for X (formerly Twitter) is based on the possibility that Solana fails to break key support levels.
Brandt points out that if Solana price drops below the $129 support level, and this support is “broken,” a large rectangle pattern will be completed. This completed rectangle could lead to a significant price drop, with a potential downward spiral to $80.
Following his post, a member of the crypto community asked Brandt why he referred to the pattern as a rectangle, rather than a descending triangle. He also asked if the wick from the July rally was affecting his classification of the rectangle.
In response, Brandt explained that whether a pattern is a descending rectangle or triangle depends on how the chart pattern’s boundaries are drawn. He stated that regardless of the wicks, closing prices, real bodies, and candlesticks, both shapes can lead to similar expectations in terms of price action.
In his country Solana price Brandt also noted that a new resistance level has emerged around the $204 mark for the altcoin, suggesting that the cryptocurrency could reach that threshold.
Moving forward, the implications of the dollar falling to $80 Solana price drop It would reflect significant downside risks that could be financially harmful to investors. While Solana continues to deal with volatile marketInvestors can monitor major changes in the cryptocurrency’s trajectory to make more informed investment decisions.
Solana Price Drop Could Lead to $208 Surge
While analysts like Brandt are predicting a collapse in Solana prices, another market expert known as “TraderXO” on X has pointed out that available A more conservative drop in prices would precede Big price hike.
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Basically, TraderXO is Optimistic about Solana’s long-term outlookThe analyst revealed that Solana’s price could start trading at $120 again, down from its current price of $150.
However, the analyst revealed that he would consider “looking back” around this low, Expect a big price increase. The cryptocurrency is expected to rise to $208. For this to happen, Solana would need to see a massive 38.67% increase from its current price.
Featured image created using Dall.E, chart from Tradingview.com