Vladislav Sopov
Real Vision CEO Raoul Pal indicates why $30 and $50 are critically important levels for Solana (SOL) price
Solana (SOL), the native cryptocurrency asset of the eponymous blockchain, is getting closer to testing a major pattern. If it succeeds, the road to a new 66% rally might be open, a seasoned macro investor says. His opinion is aligned with the ever-growing way of optimism regarding Solana (SOL).
I have been extremely bullish on Solana (SOL) all this year: Investor Raoul Pal
Top macro investor and market commentator Raoul Pal has been extremely bullish on Solana (SOL) all year. During this period, the asset’s price added 171%. Also, there are some signs that the marvelous rally has all chances to expand, he added.
Right now, the Solana (SOL) price is about to test the big “Inverse Head and Shoulders” pattern. The first “shoulder” was registered in early Q2, 2022. The bottom of the pattern (“head”) therefore took place in December 2022 amid the most painful phase of the post-FTX-collapse market depression.
As such, the ongoing “shoulder” stage might push Solana (SOL) to $50. However, to confirm this pattern closure, the SOL price needs to protect the $30 level.
Also, Pal noticed that Solana (SOL) performs well in pairs with both Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market capitalization.
In October 2023, SOL/BTC and SOL/ETH charts broke out of bearish patterns almost simultaneously.
Yesterday, Oct. 20, 2023, the Solana (SOL) price stopped one step away from the coveted $30 level. At printing time, the asset is changing hands at $28.92, being 8.2% up in the last 24 hours.
Solana (SOL) comeback in 2024?
As a result, Solana (SOL) might see a bright future in the midterm. In particular, Q2-Q3, 2024, might bring the best returns for Solana (SOL) bulls, Raoul Pal says:
Let’s see but it feels like SOL is going to lead us from Crypto Spring eventually into Crypto Summer in 2024
His statements are echoed by many analysts and investors. Blockchain researchers foresee that Solana (SOL) might repeat Ethereum’s (ETH) performance in the next rally.
In particular, the Solana (SOL) ecosystem is going through an explosive growth phase in the segments of DeFi and NFT marketplaces.
In terms of technology, Solana’s (SOL) parallelization concept might be attractive for dApps from Ethereum (ETH) as the second largest blockchain is lagging with sharding, investor Justin Bons says.
About the author
Vladislav Sopov
