Solana (SOL) Eyes Major Breakout After Holding $120 Support Level – Details

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.

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.

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.