Experienced trader Peter Brandt has expressed concerns about a major correction for Solana (SOL), a major competitor of Ethereum.
Brandt’s Warning
Brandt, who has hundreds of thousands of followers on the X platform, stated that if the support level around $129 breaks, a large rectangle formation could complete, potentially driving the price down to around $80. Peter Brandt urged investors to closely monitor Solana’s critical support levels.
Inmortal’s Optimistic Forecast
Conversely, fellow crypto trader Inmortal holds an optimistic view on Solana. In a recent market analysis shared on the X platform, he indicated that SOL could break through its descending resistance line, consolidating to reach approximately $350 by the summer of 2025.
Scenario for Bitcoin
Brandt also shared a scenario where Bitcoin could reach new all-time highs. He suggested that Bitcoin might be forming a large cup-and-handle pattern since late 2020, typically indicating a consolidation after a sharp rise before breaking through a significant resistance level. As of the time of writing, Bitcoin was trading at approximately $63,029, up about 3% in the last 24 hours. Experts believe that these potential movements in both Solana and Bitcoin could significantly impact the cryptocurrency market, emphasizing the need for investors to closely monitor market developments and manage their risks.
The future of cryptocurrencies looks promising, but analysts emphasize the importance of closely monitoring the market and managing risks carefully.
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