Veteran trader Peter Brandt warns that Ethereum’s (ETH) biggest competitor is at risk of a major correction.
Brandt tells his 738,400 followers on social media platform X that Solana (SOL) could lose a key support level at the lower end of a trading range, sending it down more than 43% from its current value.
“Observation on SOL. In a support zone. If the support (around $129) gives way, then the big rectangle will complete and point towards $80 and change.”
However, pseudonymous crypto trader Inmortal tells his 216,000 followers on social media platform X that Solana may be preparing for a massive breakout.
“Solano goes brrrrr.”
Looking at his chart, the trader suggests that Solana could break out from a descending resistance line, consolidate and then climb to around $350 by summer 2025.
Solana is trading at $142 at the time of writing, up nearly 8% in the past 24 hours.
Brandt also recently outlined a potential scenario for Bitcoin that would end with new all-time highs.
He suggested that Bitcoin could form a massive cup and handle pattern that extends back to the end of 2020.
“Can we declare Tea and Crumpets on this board?”
A cup and handle formation is generally considered a bullish continuation pattern, suggesting that an asset is pausing after a strong rally before breaking through a key resistance level.
At the time of writing, Bitcoin is trading at $63,029, up nearly 3% in the past 24 hours.
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Featured image: Shutterstock/optimarc
