Solana Eyes $500 Breakout—Can Brandt’s Bullish Bet Deliver?

Veteran trader Peter Brandt’s latest prediction sends SOL bulls into a frenzy—but can the ’Ethereum killer’ really 5x from here?

Technical analysis meets hopium: Why Solana’s chart has traders dusting off their moon math. The network’s speed and low fees keep builders hooked, even as VC backers quietly cash out.

Remember kids: In crypto, ’could’ does a lot of heavy lifting. Just ask the bagholders of 2022’s ’sure thing’ altcoins.

Source: Peter Brandt/X 

If validated, SOL may outperform XRP by over 2x. But do current SOL valuation and accumulation support the bullish outlook? 

MVRV hints at an extra growth for SOL

Historically, MVRV, a valuation indicator, marked SOL’s past local 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 local peak of $200 MVRV surged above 2.5. For the late November and January 2025 peaks ($295), SOL’s MVRV tapped 2. 

Source: Glassnode

If history repeats itself, SOL may hit another local peak when the metric jumps to 2 or 2.5 and hit a cycle top if it extends above a 3.5 reading.

The current MVRV value was 1.2, indicating there was extra growth before 2/2.5 or 3.5 levels are hit. 

Source: Glassnode

On the address activity front, wallets with over 1K SOL have shown close positive correlation to the altcoin price action.

Since March, the number of wallets with over 1K SOL ROSE from 21.6K to 23K. The metric’s steady rise will suggest sustained market accumulation and potential rally. But a decline may complicate the bullish price outlook. 

Taken together, Brandt’s forecast and on-chain metrics suggested SOL may hit a new all-time high (ATH) in the next few weeks or months.

However, prediction site Polymarket revealed that the market was nearly 50/50 about SOL surging to a record cycle high in 2025. 

Source: Polymarket