Veteran Analyst Now Claims A Recent Swing In Solana’s Price Could Drive It Up

Veteran analyst now claims a recent swing in Solana’s (SOL) price could drive it up to $274.

Market veteran Peter Brandt has pinpointed a new price target for Solana, suggesting that its recent upward price movement could continue.

Solana recently broke away from the consolidation trend seen in the broader cryptocurrency market, experiencing a significant surge on Sunday, which carried into the new week.

This momentum pushed Solana’s price up to a peak of $248, contributing to an 11% increase over the past week and bringing its market capitalization to $115 billion.

This rise has allowed Solana to surpass Binance Coin (BNB) in market ranking, positioning it to chase the leading stablecoin, USDT.

In a recent analysis, Brandt expressed optimism about Solana’s trajectory, believing the bullish trend will persist.

He explained on Twitter that asset prices often move in swings, which tend to be of similar magnitude.

He noted Solana’s recent price increase, which saw it rise from below $160 to $225 earlier in November, reflecting a 45% gain during this upward trend.

Brandt speculates that Solana could be on a similar path with its latest swing starting at $201, potentially driving the price to $274, surpassing its previous all-time high of $260.06.

As of now, Solana is trading at around $232.04, suggesting a possible 12.7% increase ahead.

While Brandt acknowledges that his approach differs from those who strictly follow Elliott Wave Theory, he uses these price patterns as a guiding framework rather than a precise predictor.

From a technical perspective, Solana’s daily chart shows mixed signals.

The relative strength index (RSI) is at 76.05, indicating it’s in overbought territory, while the MACD suggests strong bullish momentum.

However, Solana’s 4-hour chart reveals a potential bearish crossover in the MACD, although the RSI remains below the overbought level at 65.80.

Read Daily Crypto News for more news and updates like this.

Follow us on CoinMarketCap.

Also Read: Market Expert Now Anticipates Dogecoin’s Price Rise Via Solana Surge

About The Author

Frank Nez

Frank Nez is an American retail journalist whose research has been cited by SEC and Congressional reports. Frank Nez has been featured by prominent outlets such as TheStreet and NewsBreak. ‘Daily Crypto News’ is now an official CoinMarketCap news source.

See author's posts