Solana (SOL) Eyes Major Breakout After Holding $120 Support Level – Details
September 21 2024 - 8:00AM
NEWSBTC
Popular crypto analyst Peter Brandt has unveiled a bullish outlook
for Solana predicting the prominent altcoin may be set for a
significant price surge in future weeks. This price forecast comes
in a glaring contrast to Brandt’s recent prediction where the
analyst had expressed fears over Solana suffering a major price
fall. Related Reading: Solana (SOL) Flies 12% To Reclaim $140, Is
$160 Next? How High Can Solana Go? Earlier this week, NewsBTC
reported Brandt’s prediction of SOL slipping to $80 if the altcoin
failed to defend a support level around $120. Notably, SOL had
presented a down price movement for the majority of the week
trading as low as $128 on Thursday. Albeit, the fifth largest
cryptocurrency has turned the corner in the last 48 hours, reaching
a peak price of $151 on Friday. Peter Brandt noted this upward
price action as Solana holding the $120 price level which the
altcoin has consistently done over the last six months. However,
Brandt postulates that SOL may now be gunning for a “sizeable”
advance. While the expert analyst did not provide a specific price
target, investors could anticipate a major upswing as Brandt
expects price movement over the next 72 weeks. Attention all
cryptomaniacs. Looks like $SOL $SOLUSD held support at $120 This
could become a rectangle capable of launching a sizable advance
pic.twitter.com/id0eTzzsVW — Peter Brandt (@PeterLBrandt) September
20, 2024 This period of time is expected to include the crypto bull
run for which SOL has been tipped to be an outstanding performing
asset. In the last bull run, the altcoin emerged as the top market
gainer rising by over 1500% to attain an all-time high of
$260. Interestingly, aside from long-term gains, Solana
investors could also expect an immediate price rise, especially as
Q4 approaches. With Bitcoin tipped to embark on a bullish
trend starting in October, Solana, alongside other
cryptocurrencies, would likely be influenced by the crypto market
leader which may result in substantial gains for the altcoin.
Notably, SOL moved around $22 to $112 in Q4 2023, registering a
400% profit as Bitcoin climbed from around $27,000 to $44,000
within the same period. If the prominent altcoin repeats previous
actions, it could rise to around $725 by December and $2,175 in the
next year. Related Reading: This Solana Memecoin Climbs 36%, On The
Verge Of Reaching $1 And Record Highs SOL Price Overview At the
time of writing, Solana trades at $145.16 with a 2.20% gain on the
past day. The token’s price reflects a steady performance over the
last few weeks with gains of 4.62% and 3.03% over the past seven
and thirty days respectively. Meanwhile, Solana’s daily trading
volume is up by 23.07% and is valued at $3.17 billion.
Featured image from Vecteezy, chart from Tradingview
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