Solana could rally above $500 – Assessing Peter Brandt’s prediction
- A famend dealer forecasted that SOL might outperform XRP by over 2x.
- The MVRV metric advised that SOL had extra room for progress earlier than topping out.
In response to famend dealer Peter Brandt, Solana [SOL] might provide higher returns than Ripple [XRP] within the mid- to long run amongst large-cap altcoins.
In an X (previously Twitter) submit on the twenty fifth of Might, Brandt’s projection confirmed that XRP had damaged out from a descending triangle and will tag $4.4, providing an additional 87% achieve from the present $2.3.
However for SOL, the dealer’s evaluation revealed that the altcoin fashioned a bullish cup and deal with sample. A breakout from the formation might rally SOL to $518 or 195% from the present $177 value stage.
If validated, SOL might outperform XRP by over 2x. However do present SOL valuation and accumulation assist the bullish outlook?
MVRV hints at an additional progress for SOL
Traditionally, MVRV, a valuation indicator, marked SOL’s previous native peaks and cycle tops when it tagged 2-2.5 or above 3.5. For 2021, it topped out at $260, and MVRV jumped above 3.5.
In early 2024 native peak of $200 MVRV surged above 2.5. For the late November and January 2025 peaks ($295), SOL’s MVRV tapped 2.
Supply: Glassnode
If historical past repeats itself, SOL might hit one other native peak when the metric jumps to 2 or 2.5 and hit a cycle high if it extends above a 3.5 studying.
The present MVRV worth was 1.2, indicating there was further progress earlier than 2/2.5 or 3.5 ranges are hit.
Supply: Glassnode
On the deal with exercise entrance, wallets with over 1K SOL have proven shut constructive correlation to the altcoin value motion.
Since March, the variety of wallets with over 1K SOL rose from 21.6K to 23K. The metric’s regular rise will counsel sustained market accumulation and potential rally. However a decline might complicate the bullish value outlook.
Taken collectively, Brandt’s forecast and on-chain metrics advised SOL might hit a brand new all-time excessive (ATH) within the subsequent few weeks or months.
Nonetheless, prediction web site Polymarket revealed that the market was practically 50/50 about SOL surging to a report cycle excessive in 2025.
Supply: Polymarket
