Following a recent upswing in Solana's price, analyst Peter Brandt expressed confidence in the cryptocurrency's further growth.
Market Analysis
Market veteran Peter Brandt has pinpointed a new price target for Solana. He believes the recent upward movement could continue based on observed dynamics. Solana recently broke away from the consolidation trend seen in the broader cryptocurrency market, experiencing a significant surge.
Current Solana Price Dynamics
Last week, Solana's price peaked at $248, contributing to an 11% increase. This rise allowed Solana to surpass Binance Coin (BNB) and approach the leading stablecoin USDT. Brandt noted that Solana rose from below $160 to $225 in a short period, reflecting a 45% gain.
Solana Technical Analysis
Peter Brandt speculates that Solana could follow a similar path, starting at $201 and potentially reaching $274, surpassing its previous all-time high of $260.06. Currently, Solana trades around $232.04. Technical analysis indicates that the relative strength index (RSI) at 76.05 suggests it's in overbought territory, while the MACD shows strong bullish momentum. Solana's 4-hour chart reveals a potential bearish crossover in the MACD, though the RSI remains below the overbought level at 65.80.
Analyst Peter Brandt uses price patterns as a guiding framework, suggesting further growth for Solana. However, conflicting signals on the charts make predictions more challenging.
