Popular cryptocurrency analyst Peter Brandt has revealed a bullish prediction for Solana, predicting that the prominent altcoin will see a significant price surge in the coming weeks. This price prediction comes in stark contrast to Brandt’s recent forecasts, where the analyst expressed concerns that Solana could experience a significant price drop.
How far can Solana go?
Earlier this week, NewsBTC reported that Brandt expected SOL to drop to $80 if the altcoin failed to defend the support level around $120. Notably, SOL has been in bearish price action for most of the week, trading as low as $128 on Thursday.
However, the fifth-largest cryptocurrency has seen a turnaround over the past 48 hours, hitting a peak price of $151 on Friday. Peter Brandt noted that this bullish price move suggests Solana is holding the $120 price level that the altcoin has been consistently holding over the past six months.
However, Brandt Hypotheses Brandt has indicated that SOL could now be on track for a “significant” advance. While the expert analyst did not provide a specific price target, investors can expect a significant upside as Brandt projects price action over the next 72 weeks.
Attention all crypto geeks. It appears that Sol Sol dollar US dollar Support at $120 held, this could become a rectangle capable of triggering a major advance. pic.twitter.com/id0eTzzsVW
– Peter Brandt (@PeterLBrandt) September 20, 2024
This time period is expected to witness a surge in cryptocurrency prices, with SOL expected to be a standout performer. In the recent rally, the altcoin emerged as the biggest gainer in the market, surging over 1,500% to hit an all-time high of $260. Interestingly, apart from the long-term gains, Solana investors can also expect an immediate price surge, especially as Q4 approaches.
With Bitcoin expected to enter an uptrend starting in October, Solana, along with other cryptocurrencies, is likely to be influenced by the crypto market leader, which could lead to significant gains for the altcoin.
It is worth noting that SOL moved from around $22 to $112 in Q4 2023, registering a 400% gain as Bitcoin rose from around $27,000 to $44,000 during the same period. If the prominent altcoin repeats the previous moves, it could rise to around $725 by December and $2,175 next year.
SOL Price Overview
At the time of writing, Solana is trading at $145.16, up 2.20% in the past day. The token price has been showing steady performance over the past few weeks, with gains of 4.62% and 3.03% over the past 37 days, respectively. Meanwhile, Solana’s daily trading volume is up 23.07% and stands at $3.17 billion.