Solana (SOL), one of the leading cryptocurrencies in the market, is drawing attention as it continues its impressive uptrend. Despite the broader crypto market experiencing phases of consolidation, Solana has managed to maintain its bullish momentum, outperforming many competitors. On Sunday, the cryptocurrency surged notably, and the momentum has continued into the new week, pushing the price to a high of $248.

Over the past seven days, Solana has risen by 11%, bringing its market capitalization to $115 billion. This surge has propelled Solana further up the rankings, overtaking Binance Coin (BNB) earlier in November and positioning itself as a strong competitor to the leading stablecoin, Tether (USDT). This performance has drawn attention from both investors and analysts alike, with many speculating on the potential for further price increases.

Among the notable figures weighing in on Solana’s price outlook is Peter Brandt, a highly respected market veteran. Brandt, known for his in-depth technical analysis and precise market predictions, recently provided an update on Solana’s price target. According to Brandt, the current bullish momentum in Solana is part of a larger “swing” pattern, which could see the asset surge as high as $274 in the near future.

Solana’s Bullish Swing Pattern

In a recent tweet, Peter Brandt shared his insights, explaining that asset prices tend to follow specific patterns, often moving in swings that exhibit similar price movements over time. Brandt noted that Solana’s recent price action mirrors the swing pattern that occurred earlier in the year, when the price surged from around $160 to a peak of $225. This swing saw Solana appreciating by 45%, signaling strong upward momentum in the asset.

Based on this pattern, Brandt speculates that Solana may be on the verge of another bullish leg. The current swing, which started around $201, is already showing positive momentum, with Solana trading at approximately $243 at the time of writing. Brandt’s analysis suggests that this swing could propel Solana’s price beyond its previous all-time high of $260.06, potentially reaching the target of $274, representing a 12.7% increase from its current price.

Brandt emphasized that while he uses swing patterns as a guide rather than a precise indicator, this technical structure suggests a strong likelihood of further upside for Solana in the coming days. He also noted that the asset’s overall strength could be attributed to its continued adoption, the broader cryptocurrency market’s recovery, and its growing ecosystem.

Solana’s Technical Indicators

Technical analysis of Solana’s price action supports Brandt’s bullish outlook. On the daily chart, Solana’s Relative Strength Index (RSI) stands at 76.05, which is above the overbought threshold of 70. While this suggests that Solana may be entering an overbought territory, it also indicates strong bullish momentum.

Additionally, the Moving Average Convergence Divergence (MACD) indicator is reflecting further positive momentum. The MACD line, currently at 18.48, is well above the signal line at 14.93, confirming that the uptrend is still intact. This divergence between the MACD and signal lines suggests that the bullish trend in Solana is likely to continue in the short term.

However, it’s worth noting that on the 4-hour chart, the momentum appears slightly more mixed. The MACD on the shorter time frame shows signs of a potential bearish crossover, with the MACD line at 7.25 and the signal line at 6.93. Nevertheless, the RSI on the 4-hour chart remains well below the overbought threshold at 65.80, suggesting that there’s still room for further upside before a potential correction.

What’s Next for Solana?

Solana’s recent price action and technical indicators point to a positive near-term outlook, with many expecting the price to push toward the $274 target. However, investors should remain cautious of potential volatility in the market, as the cryptocurrency space is known for its unpredictable nature.

The speculation surrounding Solana’s price movement is also fueled by the broader optimism in the crypto market. With institutional interest on the rise and more use cases being developed for blockchain technologies, Solana stands to benefit significantly from the growing adoption of decentralized applications (dApps) and smart contracts.

Peter Brandt’s analysis provides a compelling case for further upside for Solana, but traders should keep an eye on the market for any signs of potential pullbacks. If the asset can maintain its bullish momentum and break key resistance levels, the price could very well exceed Brandt’s $274 target in the coming weeks.