Renowned crypto analyst Peter Brandt revealed a bullish outlook for Solana predicting that the prominent altcoin could be set for a significant price increase in the coming weeks. This price forecast comes in stark contrast to Brandt’s recent forecast where the analyst expressed fears about Solana facing a major price drop.
How Far Can Solana Go?
Earlier this week, NewsBTC reported Brandt’s prediction that SOL will drop to $80 if the altcoin fails to defend the support level around $120. Notably, SOL presented the lowest price movement for most of the week trading as low as $128 on Thursday .
Still, the fifth largest cryptocurrency has turned a corner in the past 48 hours, hitting a high of $151 on Friday. Peter Brandt noted this bullish price action as Solana held the $120 price level the altcoin has been doing for the past six months.
However, Brandt posits that SOL may now be looking for “major” improvements. Although the expert analyst did not give a specific price target, investors can expect a big increase as Brandt expects price movements in the next 72 weeks.
Beware all cryptomaniacs. It looks like $SOL $SOLUSD holding support at $120 This could be a rectangle capable of launching a major advance pic.twitter.com/id0eTzzsVW
— Peter Brandt (@PeterLBrandt) September 20, 2024
This period is expected to include a crypto bull run where SOL is considered to be the best performing asset. In the last bull run, the altcoin emerged as the market’s top gainer rising more than 1500% to reach an all-time high of $260. Interestingly, apart from the long-term benefits, Solana investors can also expect an immediate price increase, especially as Q4 approaches.
Since Bitcoin is proposed to start a trend that starts in October, Solana, along with other cryptocurrencies, will probably be influenced by the leader of the crypto market which could result in huge gains for the altcoin.
Notably, SOL went from about $22 to $112 in Q4 2023, registering a 400% gain as Bitcoin rose from about $27,000 to $44,000 in the same period. If the prominent altcoin repeats the previous actions, it can rise to around $725 in December and $2,175 next year.
SOL pricing overview
At the time of writing, Solana is trading at $145.16 with a gain of 2.20% over the previous day. The price of the token shows a stable performance in the last few weeks with gains of 4.62% and 3.03% in the last seven and thirty days respectively. During that time, Solana’s daily trading volume increased by 23.07% and is estimated at $3.17 billion.
