Legendary trader and analyst Peter Brandt shared his latest market forecasts. In this regard, the analyst explained his views on how prices usually move with relatively even fluctuations. He stated that he uses swing targets as a guide for price movements. Furthermore, the analyst shared his predictions on what the next target for Solana (SOL Coin) will be.
Peter Brandt gave the target for SOL Coin!
As you follow from Kriptokoin.com, Solana has received great appreciation for its performance this year. Analysts expect more for the strong rival of the leading altcoin Ethereum. Legendary analyst Peter Brandt is one of them. The analyst shared a chart of Solana (Sol Coin) that highlights the equal fluctuations in price action. Based on this analysis, Brandt set the next swing target for Solana at $274. If it reaches this target, SOL Coin will exceed its all-time high. The analyst made the following statement accompanied by the chart:
Most of the time, the price moves in oscillations, where the oscillations are relatively equal in price. I’m sure Elliott traders are quite sensitive (as they tend to be) but I just use the swing targets as a guide.
Solana’s SOL surpassed $240 for the first time in three years. The leading cryptocurrency Bitcoin managed to stay above $90,000 today. Meanwhile, at the time of writing, SOL Coin has lost 0.80 per cent in the last 24 hours, falling back to $240. However, it reached $247 earlier today. At current pricing, SOL is almost 6% away from its all-time high of $260 reached on 6 November 2021.
Positive fundamentals for SOL Coin
Solana also saw an increase in trading activity. This reinforces the bullish view of SOL. Solana-based decentralised exchanges (DEXs) recorded a cumulative trading volume of $41.6 billion in the seven days ended 17 November. Thus, it doubled the previous week and reached the highest volume on record.
Scenarios of bulls and bears
Solana has been rising on the chart since 5 November, just a few days after confirming the ‘goldern cross’. Solana is on track to spend 12 out of 15 days in green since then. During the uptrend, the bulls managed to overcome the $209 and $215 resistances. Thus, it signalled the beginning of a new upward movement. There is currently a slight resistance for SOL Coin around $ 248. However, analysts expect SOL to surpass this as well. If it manages to do so, it is possible that the SOL price will retest the previous ATH highs of $274 before continuing to Brandt’s target of $260.
This rise will send SOL price into a territory it has not explored before. It will also make it difficult to forecast a new high based on technical analysis alone. However, according to analysts, the bullish outlook becomes invalid if the SOL Coin price falls below $198. In this case, as the markets reject the breakout and SOL is likely to fall back to $173.
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