Solana Price Forecast: Peter Brandt Anticipates SOL Price Will Potentially Decline to This Threshold

Solana (SOL) network, a prominent layer-one (L1) blockchain rivaling Ethereum (ETH) in the quest to democratize smart contracts, has garnered significant attention in recent months. On one hand, the Solana network has been commended for attracting millions of investors to the Web3 industry through its meme coins and decentralized financial (DeFi) platforms.

As the fifth-largest digital asset, the Solana network boasts a Total Value Locked (TVL) of over $4.3 billion and a stablecoin market cap surpassing $3 billion.

Conversely, the Solana ecosystem has faced criticism for not setting a positive example amidst the current crypto bullish outlook. In addition to network outages, the Solana network grapples with network congestion, leading to a high number of unprocessed transactions.

Notably, the Solana network has seen a surge in on-chain activity due to its meme coins, which hold a combined valuation of approximately $7.69 billion. Some of the top meme coins built on Solana include dogwifhat (WIF) and Bonk (BONK), among others.

Short-Term Solana Price Expectations

Renowned trader Peter Brandt has conducted a Solana price analysis, indicating that the altcoin has reached a local peak and is likely to enter a multi-week correction phase. With Solana’s price dipping below a crucial support level of around $171 during the early New York session on Wednesday, Brandt advises traders to exercise caution to avoid forced liquidation.

Despite lagging behind the ongoing rally in Gold and Silver, Brandt maintains an extremely bullish stance on Bitcoin price and the altcoin industry.

However, the short-term weakness in Solana’s price could be invalidated if the altcoin manages to close above $183 in the coming days.

Tags: Altcoins, Price Analysis