Analyst Forecasts Solana Could Plummet to $80 Amid Market Risks

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Renowned crypto analyst Peter Brandt has announced a new bearish prediction for Solana (SOL), forecasting a significant price decline to around $80. In spite of this negative perspective, there is still a chance for a price rebound, as other analysts anticipate Solana could soar to as high as $208.

SOL Set for $80 Price Decline

At the time of writing, the price of Solana has reached $150, rising from an initial price of $148 and successfully exceeding resistance levels around $149. This considerable price jump indicates an 8.49% increase, highlighting strong investor interest in the altcoin.

Despite the recent optimistic performance, Brandt has made a somber forecast for Solana, predicting a sharp 46.67% drop in its price from current levels. The crypto analyst’s pessimistic assessment on X (formerly Twitter) stems from the potential for Solana to fail breaking crucial support levels.

Brandt notes that if Solana’s price dips below the $129 support level, and this support fails, a major rectangle pattern would be completed. This pattern could result in a notable price decline, possibly down to $80.

Following Brandt’s post, a member of the crypto community asked why he categorizes the pattern as a rectangle instead of a descending triangle, also questioning if the wick from July’s high affected his classification.

In response, Brandt explained that the distinction between a rectangle and a descending triangle is based on how the chart pattern’s boundaries are drawn. He mentioned that regardless of wicks, closing prices, actual body, and candlestick formations, both patterns could result in similar expectations regarding price movements.

In his Solana price chart, Brandt indicated the emergence of a new resistance level around the $204 mark, suggesting that the cryptocurrency could potentially reach that level.

Looking ahead, the consequences of an $80 price drop for Solana would pose significant downside risks that may adversely affect investors. As Solana navigates the volatile market environment, investors should keep an eye on essential changes in the cryptocurrency’s trajectory for informed investment decisions.

Solana Price Drop May Ignite $208 Rally

While analysts like Brandt foresee a price drop for Solana, another market expert known as ‘TraderXO’ on X has offered a more moderate price decline that could set the stage for a significant bullish rally.

In essence, TraderXO is optimistic about Solana’s long-term outlook. The analyst mentioned that Solana’s price could decline into the $120s, down from its current price of $150.

However, the analyst expressed that he is considering “going long” once again around this lower level, expecting a significant bull run to $208 for the cryptocurrency. For this scenario to materialize, Solana would need to see a substantial 38.67% increase from its current price.