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Market veteran Peter Brandt has identified the next price target for Solana, citing a continuation of its swing uptrend pattern.
Solana defied the consolidation phase prevalent in the broader crypto market when it surged considerably on Sunday. The bullish momentum spilled into the new week, with the Solana price reaching a peak of $248.
Notably, the fourth-largest cryptocurrency by market has surged 11% in the past seven days, taking its market cap to $115 billion. Solana’s rise has also solidified its place above the Binance Coin (BNB) after overtaking the asset early in November while keeping it on course to track down the leading stablecoin USDT.
Amid the upsurge, veteran analyst Peter Brandt has provided an update on Solana’s next likely price target. In his recent analysis, the seasoned trader expects the bullish momentum to continue, giving reasons for his assertions.
Brandt Expects Further Upsurge to $274
In a Monday tweet, Brandt explained that asset prices move in a swing most of the time. He noted that these swings are often relatively equal, exacting an identical upsurge on the underlying asset.
The market veteran identified that Solana’s past price appreciation followed a swing pattern, with the asset surging from sub-$160 to $225 early in November. Notably, SOL rallied 45% during the uptrend amid the broader market push.
As a result, Brandt noted that Solana may be on the path of a similar uptrend with its latest swing. In an accompanying chart, the analyst shows that the ongoing swing started at $201, speculating that it would propel the asset past its current all-time high of $260.06 to $274.
Meanwhile, SOL is almost halfway through the swing, trading at $243.31 at the time of writing. Hence, Brandt expects further upside for the Ethereum killer, targeting a 12.7% growth to $274.
Notably, Brandt emphasized that, unlike the Elliott traders who use the swing targets as a precise indicator, he uses the pattern as a guide.
Solana Technical Analysis
Meanwhile, technical analysis of Solana’s 1D timeframe shows mixed momentum for the asset. SOL’s relative strength indicator (RSI) stands at 76.05, well above the overbought threshold of 70.
However, the MACD indicator signals strong bullish momentum as the MACD line continues to move further away from the signal line. The MACD line stands at 18.48, while the signal line rests on 14.93.
Furthermore, Solana’s 4-hour chart also presents a mixed scenario. The MACD indicator shows an imminent bearish crossover, with the MACD line at 7.25 and the signal line at 6.93. However, the RSI remains below the overbought threshold, trending at 65.80.