Popular crypto analyst Peter Brandt has revealed a bullish outlook for Solana, predicting that the prominent altcoin could be poised for a significant price surge in the coming weeks. This price prediction stands in stark contrast to Brandt’s recent forecast, where the analyst expressed fears that Solana would experience a major price crash.
How high can Solana go?
Earlier this week, NewsBTC reported Brandt’s prediction that SOL would drop to $80 if the altcoin failed to defend a support level around $120. Notably, SOL has seen a downward price movement for most of the week, trading as low as $128 on Thursday.
However, the fifth-largest cryptocurrency has turned a corner in the past 48 hours, reaching a high price of $151 on Friday. Peter Brandt noted this upward price action as Solana held the $120 price level, which the altcoin has done consistently for the past six months.
However, Brandt postulates that SOL may now be targeting a “considerable” breakout. While the expert analyst did not provide a specific price target, investors can anticipate a major recovery as Brandt expects price action over the next 72 weeks.
Attention all cryptomaniacs. It seems $SUN $SOLUSD held support at $120. This could become a rectangle capable of launching a considerable advance pic.twitter.com/id0eTzzsVW
-Peter Brandt (@PeterLBrandt) September 20, 2024
This period is expected to include the crypto bull run for which SOL has been considered an outperforming asset. In the last bull run, the altcoin emerged as the market’s biggest gainer, surging over 1,500% to hit an all-time high of $260. Interestingly, apart from long-term gains, Solana investors can also expect an immediate price surge, especially as Q4 approaches.
With Bitcoin poised to embark on a upward trend from October, Solana, along with other cryptocurrencies, would likely be influenced by the crypto market leader, which could result in substantial gains for the altcoin.
Notably, SOL moved from around $22 to $112 in Q4 2023, recording a 400% profit as Bitcoin surged from around $27,000 to $44,000 in the same period. If the prominent altcoin repeats previous actions, it could rise to around $725 by December and $2,175 by next year.
SOL Price Overview
At the time of writing, Solana is trading at $145.16, with a gain of 2.20% over the past day. The token’s price reflects a steady performance over the past few weeks, with gains of 4.62% and 3.03% over the past seven and thirty days, respectively. Meanwhile, Solana’s daily trading volume has increased by 23.07% and is valued at $3.17 billion.