Peter Brandt, a well-known cryptocurrency analyst, has warned that Solana (SOL) could fall to $80.
Solana, which was riding the memecoin bandwagon until a few weeks ago, has failed to show the same performance these days. The surge in other Tier 1 coins and the influx of money into various ecosystems has all but decimated SOL. With Bitcoin hitting $62,000, the popular altcoin pushing the $139 resistance is facing massive selling.
So what does famous analyst Peter Brandt expect?
There are two important levels for Solana
Peter Brandt, who tracks two specific levels on the Solana (SOL) chart, has mentioned the possibility of a price drop in the near future. According to the crypto expert, it is very important to watch $129 and $204 to expect strong movements. If $204 is broken, a Solana price rally like in 2021 is likely to occur.
The support level that Brandt is following is $129. SOL, which is changing hands at $138 at the time of writing, is very close to this level. A BTC drop below $60,000, increased BTC dominance, or any bad news for the Solana ecosystem could push SOL below $129.
If $129 fails to hold as support, the popular analyst predicts a drop to $80. SOL, which last traded at $80 in January, would raise alarm bells if it fell to that level again. However, given the current market conditions, a drop to $80 seems unlikely in the short term.
