Peter Brandt, a veteran trader renowned in the cryptocurrency arena, has issued a cautionary note about Solana (SOL), a significant player in the digital currency market. Brandt highlights potential risks that could lead Solana to experience a dramatic downturn. The critical support level is identified as being near the lower boundary of its trading range, and should this support falter, Solana might witness a plummet exceeding 43% from its existing price point.
What Does Brandt Foresee?
Brandt, who commands a large following on social media platform X, elaborated on his observations, suggesting that if Solana’s support level of roughly $129 collapses, a significant chart pattern could ensue. This would potentially see prices dipping towards $80, urging investors to remain vigilant to Solana’s vital support markers.
Can Solana Defy the Odds?
While Brandt’s outlook is cautious, another crypto expert, Inmortal, offers a more hopeful perspective. According to Inmortal’s analysis, Solana is on the brink of a significant upward move. He proposes that Solana might break through its current descending resistance, potentially rising to around $350 by mid-2025.
Inmortal emphasizes that Solana must first clear obstacles at $188 and $210 before realizing substantial gains. Brandt also speculates about Bitcoin, indicating a potential resurgence to new peaks. This prospect, he notes, is fueled by a potential cup-and-handle formation forming since 2020, typically signaling consolidation before surging past a major resistance.
– Solana faces a crucial support level at $129, with potential to fall to $80.
– Inmortal forecasts potential breakthroughs for Solana, targeting $350 by 2025.
– Bitcoin may reach new highs, driven by a possible cup-and-handle pattern.
As the cryptocurrency market remains volatile, these predictions for Solana and Bitcoin underscore the importance for investors to keep a close watch on market trends and adjust their strategies accordingly to mitigate potential risks and capitalize on opportunities.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
