Solana (SOL) Poised for Breakout After Holding $120 Support: Analyst’s View
Solana (SOL) Shows Strength, Could Be Set for a Major Breakout
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Renowned crypto analyst Peter Brandt has expressed a bullish outlook for Solana (SOL), suggesting a significant price surge could be on the horizon in the coming weeks. This positive prediction comes in contrast to Brandt’s previous concerns about a potential price decline for SOL.
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Earlier this week, Brandt predicted that SOL could dip to $80 if it failed to hold the $120 support level. However, SOL has shown resilience, bouncing back from a low of $128 on Thursday to reach a peak of $151 on Friday. Brandt highlights this upward movement as a sign of SOL’s strength, noting that it has consistently defended the $120 level over the past six months.
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While Brandt refrains from providing a specific price target, he expects a \”sizable\” advance for SOL in the coming weeks. This period coincides with the anticipated cryptocurrency bull run, where SOL is expected to perform exceptionally well.
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During the last bull run, SOL emerged as a top market gainer, skyrocketing over 1500% to reach an all-time high of $260. Looking ahead, Solana investors can anticipate immediate price gains, especially as Q4 approaches.
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With Bitcoin predicted to embark on a bullish trend starting in October, Solana and other cryptocurrencies are likely to be influenced by the market leader. This could result in substantial gains for SOL. In Q4 2023, SOL experienced a 400% surge, moving from around $22 to $112, mirroring Bitcoin’s rise from $27,000 to $44,000.
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If SOL repeats this pattern, it could reach approximately $725 by December and potentially $2,175 within the next year.
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SOL Price Overview
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At the time of writing, Solana is trading at $145.16, up 2.20% over the past day. The token has exhibited steady performance in recent weeks, with gains of 4.62% and 3.03% over the past seven and thirty days, respectively. Solana’s daily trading volume has increased by 23.07% and is currently valued at $3.17 billion.
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Source: Peter Brandt’s Twitter
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Disclaimer: This information should not be interpreted as financial advice. Always conduct thorough research and consult with a qualified professional before making any investment decisions.