Market Veteran Brandt Flags Bearish Solana Pattern with Potential $80 Target

Market Analyst Peter Brandt has identified a bearish pattern in Solana’s price chart, suggesting a potential drop below $100. Brandt highlights a large rectangular consolidation with defined support at $129 and resistance at $204. If the support level fails, the pattern could complete, indicating a potential decline towards the $80 range. This bearish outlook is supported by technical analysis, market indicators, and external factors affecting Solana’s performance. The 8-day simple moving average is positioned above the current price level, indicating resistance, and the Relative Strength Index (RSI) is below the neutral 50 mark, indicating prevailing selling pressure. Development activity within Solana’s public GitHub repository has also been in decline, suggesting reduced developer engagement. Additionally, ongoing sell-offs from bankrupt entities FTX and Alameda have added to the bearish sentiment. Despite these factors, FTX and Alameda still hold a substantial amount of staked Solana, potentially exerting additional downward pressure on the market.