Veteran Trader Peter Brandt Argues About Likely Solana (SOL) Breakout Trend

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As a seasoned market analyst with over three decades of experience, I have seen countless price movements and patterns unfold before my eyes. Peter Brandt’s recent observation on Solana (SOL) has piqued my interest, and I’d like to share my perspective based on my extensive background in analyzing financial markets.

Veteran trader Peter Brandt has shared his thoughts on the recent price action of Solana (SOL).

Based on Brandt’s perspective, although some may view Solana’s recent price surge as a breakthrough, he expresses caution, viewing it more as a diagonal trend instead of an unequivocal breakout.

The musings of a vestige: It’s debatable that Solana ($SOL) has burst through For me, this isn’t indicative of a bullish trend since I view it as a diagonal configurationI don’t regard this as a definitive uptrend until the May high is surpassed, but by then, the risk-reward ratio might not be advantageous.— Peter Brandt (@PeterLBrandt) July 24, 2024

Brandt expressed that for a genuine price surge, SOL needs to exceed its previous high in May. As long as this mark remains unbroken, Brandt is skeptical about the present uptrend being a genuine breakout.

If Solana manages to surpass its previous peak in May, according to Brandt’s analysis, there are unfavorable resistance levels ahead. Consequently, any advancements could encounter strong selling forces, posing a hurdle for SOL in continuing its uptrend.

As a crypto investor, I’ve observed that Solana (SOL) has recently shown signs of breaking out. However, I’m not convinced by this development as I believe it forms part of a diagonal pattern. For me to consider it a genuine breakout and buy signal, I would require the May high to be surpassed first. Yet, if that happens, the potential reward-risk ratio may no longer be attractive.

Currently, the price of Solana (SOL) has dropped by 5.82% within the past 24 hours and is now at $168.18, reflecting the overall slide in cryptocurrency values.

What other analysts think

As a crypto analyst, I, Ali Martinez, have reached the conviction that Solana has surpassed the resistance level of a bullish pennant formation. This breakout could potentially lead to an astounding rally of approximately 900%.

Previously on Twitter, Ali hinted that Solana could be aiming for a price tag of $1,000 based on the emerging bullish signals from its pennant formation, which might foreshadow a possible 9x increase in value.

Ali provided more details about reaching the $1,000 mark, explaining that “Reaching $1,000 for Solana won’t happen overnight. The price increase from $11 to $192 took 184 days, forming a flagpole. There will be pullbacks in between, and one of these is expected near the breakout point at $167 before new record highs.”

As a researcher, I’ve recently come across an intriguing observation made by Ali on Twitter. He pointed out a striking similarity between Solana’s price behavior in July 2021 and its present trend.

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2024-07-25 18:22