Legendary Trader Peter Brandt Predicts Solana’s (SOL) Next Move

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As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of market fluctuations and trends. Peter Brandt’s analysis always catches my attention, and his recent insights into Solana’s price movement have piqued my interest.

In a recent tweet, legendary trader Peter Brandt shared insights into how price often moves in relatively equal swings. He noted his use of swing targets as a guide for price moves: “Often times price moves in swings whereby the swings are relatively equal in price. I am sure Elliott traders get quite precise (as they tend to do) but I just use swing targets as a guide.”

In his tweet, Brandt included a chart showing Solana’s price fluctuations, emphasizing their symmetry. From his assessment, Brandt predicts that the next price swing for Solana could peak at approximately $274. If this projection holds true, it would establish a new record high for SOL.

Frequently, price movements exhibit a pattern of alternating rises and falls that are approximately symmetrical in terms of value. While Elliott Wave traders can be extremely accurate, I personally find these swings useful only as general guidelines for setting target prices.

— Peter Brandt (@PeterLBrandt) November 18, 2024

For the first time in three years, the price of Solana’s SOL token reached over $240, and Bitcoin (BTC) continued to maintain its position above $90,000.

Currently, Solana (SOL) has increased by 0.51% over the past day to a price of $246. Earlier today, it peaked at $247. At present pricing, SOL is nearly 6% below its all-time high of $260 which it reached on November 6, 2021.

Positive fundamentals

Solana has seen an increase in trading activity, which reinforces the bullish view of SOL.

In the past seven days ending November 17th, the total trading volume for decentralized exchanges built on the Solana network reached an all-time high of $41.6 billion. This figure represents a significant increase compared to the previous week, with more than double the trades being conducted.

Bulls and bears’ scenarios

Since November 5th, Solana has steadily increased in value, approximately three days following the confirmation of a golden cross on its chart. Currently, it appears that Solana will record 12 out of the last 15 trading days as green (positive) starting from this date.

As bulls ascended, they successfully conquered obstacles at $209 and $215, indicating a fresh upward trend. There’s a minor hurdle around $248, but it’s anticipated that this will be surpassed. Should this occur, Solana might challenge its previous all-time high of $260 again before potentially reaching Brandt’s target of $274.

As a researcher delving into Solana’s (SOL) price movements, I find myself grappling with the prospect that this potential surge could lead us into unexplored valuation territories. Predicting a fresh peak solely through technical analysis becomes challenging under such circumstances, as we tread into uncharted waters.

If the price drops below $198 in the short-term future, this optimistic view may be proven wrong. This drop could suggest that the market has dismissed the breakout, leading Solana (SOL) to aim for the daily Simple Moving Average 50 at approximately $173 next.

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2024-11-19 17:39