Popular crypto analyst Peter Brandt has revealed a bullish outlook for Solana, predicting that the prominent altcoin will experience a significant price increase in the coming weeks. This price prediction is in stark contrast to Brandt’s recent prediction, in which the analyst had expressed fears that Solana would suffer a major price drop.
How high can Solana go?
Earlier this week, NewsBTC reported Brandt’s prediction that the SOL would fall to $80 if the altcoin failed to defend a support level around $120. Notably, SOL had shown downward price movement for most of the week, trading as low as $128 on Thursday.
Although the fifth-largest cryptocurrency has turned the corner in the past 48 hours, it reached a peak price of $151 on Friday. Peter Brandt noticed this upward price action when Solana held the $120 price level, which the altcoin has done consistently over the past six months.
However, Brandt postulates that SOL may now be aiming for “significant” progress. Although the expert analyst did not provide a specific price target, investors can expect a big rebound as Brandt expects price movements over the next 72 weeks.
Attention all cryptomaniacs. Seems like it $SOL $SOLUSD support remained at $120. This could be a rectangle that could make significant progress 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 tipped as a top performing asset. During the last bull run, the altcoin emerged as the biggest market winner, surging over 1500% to reach an all-time high of $260. Interestingly, in addition to long-term gains, Solana investors could also expect an immediate price increase, especially as the fourth quarter approaches.
With Bitcoin tipped to start a bullish trend from October, Solana, along with other cryptocurrencies, would likely be influenced by the crypto market leader, which could result in significant gains for the altcoin.
Notably, SOL rose around $22 to $112 in the fourth quarter of 2023, registering a 400% gain, while Bitcoin rose from around $27,000 to $44,000 over the same period. If the prominent altcoin repeats previous actions, it could rise to around $725 in December and $2,175 in the following 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.
