If This Resistance is Broken in Solana, More Will Come: Expert Analyst Explained!

Experienced trader and analyst Peter Brandt focused on certain price zones in his analysis of Solana (SOL).

Peter Brandt included his analysis of Solana in his recent X post. The analyst pointed out that Solana broke an important falling triangle and noted that the rise may continue.

The analyst stated that the initial rise could continue up to $200, which is the May peak.

While Brandt evaluated this rise as a horizontal formation, he stated that the risk/reward ratio is not attractive if the high level in May is not exceeded.

In the chart he shared, he pointed out that the 8-day (171.925) and 18-day (156.451) simple moving averages (SMA) are positioned upwards and below the price. This revealed a positive short-term momentum.

When the volume data was examined, it was seen that the last upward movement was supported by the increase in volume. This revealed that the price movement was based on solid foundations.

Therefore, he hinted that it might be important to carefully monitor the SOL's current movement and make strategic decisions.

It can be argued that Solana exploded. This is NOT a signal for me because I think this is a crossover pattern.

I don't see this as a BO until the May high, but until then the risk-reward is not very positive.

Exceeding the 180.880 level indicated on the chart could herald a move to higher levels. However, some analysts do not consider the move before this level as a definitive breakout.

According to Brandt, exceeding the high level in May may be an important threshold for the confirmation of this movement.

According to CoinGecko data, Solana, which has increased by 4% in the last 24 hours, is traded at 1 dollar at the time of writing.