Renowned trader Peter Brandt is sounding the alarm on Solana (SOL), Ethereum’s biggest competitor, suggesting that the altcoin is on the verge of a significant correction. Brandt, with a substantial following on X, warns that Solana could potentially lose a crucial level of support at around $129, leading to a sharp drop of over 43% from its current value.
In a recent tweet, Brandt shared his observation about SOL, stating, “Observation about SOL. In an area of support. If support [around $129] gives way, then large rectangle will complete and point toward $80 and change.” This warning comes as Solana is currently trading at $142, enjoying an almost 8% increase in the last 24 hours.
On the other hand, a pseudonymous crypto trader known as Inmortal has a contrasting view on Solana’s future. In a tweet to his sizable following on X, Inmortal expressed optimism about Solana’s potential for a breakout, simply stating, “Solano go brrrrr.” He shared a chart suggesting that Solana could break out from a descending resistance line, consolidate, and eventually surge to around $350 by the summer of 2025.
Meanwhile, Brandt also shared insights on Bitcoin’s price action, hinting at a possible bullish scenario that could lead to new all-time highs. He proposed that Bitcoin might be forming a massive cup-and-handle pattern dating back to late 2020. A cup-and-handle formation is typically seen as a bullish continuation pattern, indicating a temporary pause in an asset’s rally before it breaks a key resistance level. Bitcoin is currently trading at $63,029, showing a nearly 3% increase in the last 24 hours.
As the crypto market continues to experience volatility and uncertainty, traders like Brandt and Inmortal offer contrasting perspectives on the potential future movements of popular cryptocurrencies like Solana and Bitcoin. Whether Solana will face a significant correction or embark on a massive breakout, and if Bitcoin will reach new all-time highs, remains to be seen. Stay tuned for more updates on the evolving crypto market trends.
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