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A bullish price prediction for Solana was recently shared by renowned trader Peter Brandt, who is well known for his accurate technical forecasts. Brandt stated that SOL was in close proximity to a crucial support area, and a breach of that support could result in a decline toward the $80 mark, but thanks to the strong support level, SOL bounced off.
He showed a major rectangle formation on his chart, which usually indicates that there will be more declines if the lower boundary is crossed. For many on the market, Solana’s future hinged on how well it performed at that point. Remarkably, Solana made a significant recovery following Brandt’s prophecy.
As the updated chart indicates, Solana recovered strongly and left the danger area that Brandt had identified. The asset broke significant resistance levels and surged higher, currently trading well above the crucial $130 mark. The initial pessimistic attitude toward Solana was refuted by the retrace. When the support zone was tested, traders and investors were bracing for the worst; however, SOL turned the tide, leading to a bullish move.
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Now that the 50-day moving average is providing support and the asset is rising toward significant resistance levels, it appears to be on a more stable trajectory. Despite the technical pattern suggesting a bearish outcome, Solana proved resilient and recovered, giving investors hope that the worst was possibly over.
It seems like the asset has the potential to rise even higher now that Solana is back in the spotlight and technical indicators are giving off bullish signals. Thanks to Solana’s impressive comeback, the initial prediction of a sharp decline to $80 is no longer possible. It will be interesting to observe how SOL handles this crucial stage over the next few weeks.
