Peter Brandt, a seasoned trader, warns that Ethereum (ETH), the biggest competitor to Ethereum is in danger of undergoing a major correction.
Brandt informs his social media followers (738,400) on the platform X, that Solana could lose a crucial level of support near the bottom of a range of trading, sending its value plummeting by more than 43 percent.
“Observation regarding SOL. Support in an area. The large rectangle that points toward $80 will be completed if the support area [around $129] fails.
Inmortal, a pseudonymous cryptocurrency trader on social media platform X told his 216,000 subscribers that Solana could be gearing for a major breakout.
“Solano go brrrrr.”
The trader, looking at the chart, suggests that Solana may break through a downward resistance line and consolidate, before ripping to $350 in the summer of 2020.
Solana currently trades for $142, up almost 8% over the past 24 hours.
Brandt recently described a scenario in which Bitcoin would reach new all-time heights.
He said that Bitcoin could be in the process of forming an enormous cup-and handle pattern, which stretches back all the way to late 2020.
“Could we include Tea and Crumpets in this chart?”
Cup-and-handle patterns are typically seen as bullish continuation patterns, indicating that the asset has taken a break after an intense rally and is now preparing to take out a major resistance level.
Bitcoin has risen by nearly 3% over the past 24 hours to $63,029, at this time.
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The post Top Ethereum Rival could plunge by over 40% if support level fails, according to veteran trader Peter Brandt. This article may change as new information becomes available.
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