Renowned crypto analyst Peter Brandt has revealed an optimistic perspective on Solana, suggesting that the prominent altcoin may be poised for a considerable price increase in the coming weeks. This forecast notably contrasts with Brandt’s earlier prediction, where he voiced concerns about Solana facing a significant price drop.
What Price Target Should We Expect for Solana?
This week, NewsBTC covered Brandt’s warning that SOL could fall to $80 if it fails to maintain a support level around $120. Notably, SOL experienced a downward trend for much of the week, trading as low as $128 on Thursday.
However, this fifth largest cryptocurrency has turned its fortunes around in the past 48 hours, soaring to a high of $151 on Friday. Peter Brandt highlighted this positive shift, noting Solana’s ability to hold the $120 price point consistently over the past six months.
Nevertheless, Brandt suggests that SOL may now be aiming for a “substantial” increase. While the seasoned analyst did not provide a precise price target, investors might anticipate a significant upswing, as Brandt envisions price movements over the next 72 weeks.
Attention all cryptomaniacs.
Looks like $SOL $SOLUSD held support at $120
This could become a rectangle capable of launching a sizable advance pic.twitter.com/id0eTzzsVW
— Peter Brandt (@PeterLBrandt) September 20, 2024
This upcoming period is expected to encompass the crypto bull run, during which SOL is anticipated to be an exceptional performer. In the previous bull run, the altcoin achieved a staggering over 1500% increase, reaching an all-time high of $260. Intriguingly, in addition to long-term gains, Solana investors might also foresee a short-term price rise, particularly with Q4 on the horizon.
With Bitcoin anticipated to enter a bullish phase starting in October, Solana, along with other cryptocurrencies, is likely to be affected by the leading crypto asset, leading to potentially substantial gains for the altcoin.
Importantly, SOL traded between $22 and $112 in Q4 2023, experiencing a remarkable 400% profit as Bitcoin surged from approximately $27,000 to $44,000 during the same timeframe. Should the influential altcoin replicate previous patterns, it might rise to around $725 by December and reach $2,175 in the following year.
Current SOL Price Insights
As of this writing, Solana is trading at $145.16, reflecting a 2.20% increase over the past day. The token’s price indicates stable performance over recent weeks, showcasing gains of 4.62% and 3.03% over the last seven and thirty days respectively. Additionally, Solana’s daily trading volume has risen by 23.07%, now valued at $3.17 billion.