Analyst Peter Brandt Predict Solana Price To Hit $518?

The post Analyst Peter Brandt Predict Solana Price To Hit $518? appeared first on Coinpedia Fintech News

Solana price is what people are talking about lately, as in Q2, even polymarket’s odds for Solana have risen from a mere 15% to over 40%.

Taken together, Peter Brandt also forecasted his optimistic opinions for Solana in his recent X post, and gave a target of over $500. The trader’s analysis revealed that the altcoin formed a bullish cup and handle pattern.

Solana Price Prepares For A Bullish Comeback

In a recent interview, ARK Invest CEO Cathie Wood highlighted her views on why Solana is becoming the center of stage for a major crypto innovation. She said, reduced costs, higher developer interest, and advancing adoption are what Solana is checking in all the required metrics.

Also, the recent Q1 report by Messari Average Daily DEX volume grew by 40.8% QoQ to $4.6 billion. This was fueled by renewed memecoin speculation, and also after the TRUMP token launch.

The increasing optimism for crypto is boosting investors’ sentiment, and it appears that the SOL price could be on its way to a magnificent rise ahead.

On the technical side, SOL price has shown a bullish cross between 20-day and 50-day EMA bands, and is exchanging hands at $176, following with 25% gains from May’s low of $141.5.

The uptrend witnessed in Q2 so far has built a rounded bottom bullish structure with a neckline near the $182 supply zone. Therefore, if Solana price pierces this supply zone and sustains above $182 after a daily close, then it could start the next bull run.

As Solana price prepares for a recovery ahead, the analyst Peter Brandt forecasts a cup and handle pattern on the weekly chart, where the pattern has a neckline near $290 and the breakout can give a target of $518, and beyond this, it could go over $700, as well.

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Onchain Data Support’s Bullish View on Solana Price

As per defillama charts,  Solana TVL almost reached $12 billion USD in January, but due to geopolitical conditions affecting most altcoins, even SOlana TVL dropped to $6.6 billion in Q1. 

However, in Q2 with rising sentiment and prices, its TVL started rising, and in May it recovered to $9.314 billion. Even the platform saw its user addresses returning, which in Q2 reached 5.82 million. 

However, the stablecoin market cap continued to rise, despite the shakeups, and in May it stands at $11.518 billion.

Moreover, the “percent of stablecoin total supply held by whales with over $5 million USD” has risen, which means major players are building up substantial reserves of deployable capital. 

They could use stablecoins to execute large-volume purchases when they identify favorable entry points or anticipate upward price momentum in Solana. 

In addition, the social volume of the Solana crypto has seen a spike in the last couple of days, with the price rise. This hints at possible rising awareness of crypto among users. 

The increasing social dominance may also have a positive impact on the Solana price as the increasing participation of users may create more demand and assist the price to advance higher.