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Seasoned trader Peter Brandt is warning that Ethereum’s (ETH) biggest competitor is at risk of a significant correction.
Brandt tells his 738,400 followers on the social media platform X that Solana (SOL) could lose a key level of support at the lower bound of a trading range, sending it plummeting more than 43% from its current value.
“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.”
However, pseudonymous crypto trader Inmortal tells his 216,000 followers on the social media platform X that Solana may be gearing up for a massive breakout.
“Solano go brrrrr.”
Looking at his chart, the trader suggests that Solana could break out from under a descending resistance line, consolidate and then rip to around $350 by the summer of 2025.
Solana is trading for $142 at time of writing, up nearly 8% in the last 24 hours.
Brandt also recently outlined a potential scenario for Bitcoin that would end in fresh all-time highs.
He suggested that Bitcoin may be forming a massive cup-and-handle pattern that spans all the way back to late 2020.
“Might we declare Tea and Crumpets on this chart?”
A cup-and-handle formation is typically viewed as a bullish continuation pattern, suggesting that an asset is taking a breather after a steep rally before taking out a key resistance level.
Bitcoin is trading for $63,029 at time of writing, up nearly 3% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/optimarc
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