Veteran cryptocurrency analyst Peter Brandt revealed recent bearish forecast for Solana (SOL), predicting a massive drop in prices to recent lows around $80. Despite this gloomy outlook, there is potential for a price recovery as other analysts are predicting Solana to rise as high as $208.

SOL heading towards $80 price crash

At the time of writing this text, Solana’s price just hit $150up from the initial value of $148 and successfully breaking resistance levels around $149. This significant price boost represents an boost of 8.49%, highlighting the forceful investor interest and demand for this altcoin.

Despite the recent bullish resultsBrandt has released grim forecast for Solana, predicting a keen 46.67% drop in price from current levels. The crypto analyst’s despondent prediction for X (formerly Twitter) is based on the possibility Solana failed to break through key support levels.

Brandt indicates that if Solana price falls below the $129 support level and that support “gives way,” a gigantic rectangle pattern will form. This completed rectangle could lead to a significant drop in price, with a potential downward spiral to $80.

Following his post, a member of the crypto community asked Brandt why he referred to the pattern as a rectangle rather than a descending triangle. He also asked if the wick of the July high had an impact on his classification of the rectangle.

In response, Brandt explained that the interpretation of whether it is a descending rectangle or triangle depends on how the boundaries of the chart pattern are drawn. He stated that regardless of the wicks, closing prices, actual body and candles, both shapes can lead to similar expectations in terms of price movements.

In his Solana price On the chart, Brandt also noted that a recent resistance level has emerged for the altcoin near $204, suggesting the possibility of the cryptocurrency reaching this threshold.

Moving on, the consequences of $80 price drop for Solana would reflect significant downside risk that could be financially disadvantageous to investors. While Solana continues to navigate unstable marketinvestors can monitor key changes in a cryptocurrency’s trajectory to make more informed investment decisions.

Solana price drop will trigger $208 boost

While analysts like Brandt are predicting a collapse in Solana stock prices, another market expert known as “TraderXO” on the X topic, provided that a more conservative price decline that would precede huge bull bounce.

Basically, TraderXO is sanguine about Solana’s long-term prospectsThe analyst revealed that Solana’s price could start to fall back to $120, down from its current price of $150.

However, the analyst revealed that he would consider “re-borrowing” around this reduced level, expecting a huge boom to $208 per cryptocurrency. For this to happen, Solana will need to experience a significant boost of 38.67% from its current price.

Featured image created with Dall.E, chart from Tradingview.com