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."
Brandt accompanied his tweet with a Solana chart, highlighting the equal swings in its price movement. Based on his analysis, Brandt's next swing target for Solana is set at $274. If this target is reached, it would mark a new all-time high for SOL.
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 pic.twitter.com/QBGzOAZTHi
— Peter Brandt (@PeterLBrandt) November 18, 2024
Solana's SOL surpassed $240 for the first time in three years, while Bitcoin (BTC) remained above $90,000.
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At the time of writing, SOL was up 0.51% in the last 24 hours to $246, having reached a high of $247 earlier today. At current pricing, SOL is almost 6% away from its all-time high of $260 achieved on Nov. 6, 2021.
Positive fundamentals
Solana has seen an increase in trading activity, which reinforces the bullish view of SOL.
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Solana-based decentralized exchanges (DEXes) recorded a cumulative trading volume of $41.6 billion in the seven days ending Nov. 17, more than doubling the previous week and the most on record.
Bulls and bears' scenarios
Solana has been rising since Nov. 5, just days after confirming a golden cross on the chart. Solana is on track to mark 12 of 15 days in green beginning on this date.
In the process of the rise, bulls were able to surmount resistances at $209 and $215, signaling the start of a new upward move. There is slight resistance near $248, but it is expected to be overcome. If this is achieved, Solana may retest highs at the previous ATH of $260 before continuing to Brandt's target of $274.
This rise would send the SOL price into uncharted territory, making it difficult to predict a new high solely based on technical analysis.
This bullish outlook will be discredited in the near term if the price falls below $198. Such a move would indicate that the markets have rejected the breakout, with SOL targeting the daily SMA 50 at $173 next.
