Real Vision CEO Raoul Pal talked about the popular altcoin project of recent times, Solana (SOL). Pal explains why $30 and $50 are critical levels for the SOL price.
Raoul Pal: I’m extremely bullish on Solana!
Solana (SOL), the native cryptocurrency asset of the eponymous Blockchain, is at a critical juncture. According to Raoul Pal, the altcoin is approaching testing a major formation. The experienced macro investor says that if successful, the path to a new rally of 66% may be open. His view is in line with the growing optimism regarding Solana (SOL).
Top macro investor and market commentator Raoul Pal says he has been bullish on Solana (SOL) all year. Additionally, Pal states that he has an extremely strong bullish sentiment for the SOL. cryptokoin.comAs you follow from , the altcoin price has increased by 171% this year. There are also some signs that the spectacular rally has a chance to expand, the economist adds.
According to the famous economist, the target for the altcoin price is $ 50
Currently, Solana (SOL) price is about to test the major “Inverted Head and Shoulders” formation. The first “shoulder” was recorded in early Q2 2022. Therefore, the bottom (“head”) of the pattern occurred in December 2022, during the most painful phase of the post-FTX crash market depression.
Therefore, according to Pal, it is possible that the ongoing “shoulders” phase could push Solana (SOL) towards $50. However, the altcoin price must maintain the $30 level to confirm the close of this formation. Additionally, Pal noticed that Solana (SOL) is performing well in pairs with Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market cap. In this context, the famous economist makes the following statement:
In October 2023, the SOL/BTC and SOL/ETH charts broke out of bearish formations almost simultaneously. Yesterday, October 20, 2023, Solana (SOL) price stood one step away from the coveted $30 level.
Is Solana (SOL) returning in 2024?
As a result, it is possible that Solana (SOL) will have a bright future in the medium term. Raoul Pal specifically says that the 2nd and 3rd quarters of 2024 will likely provide the best returns for Solana (SOL) bulls. Pal’s statements resonate with many analysts and investors. Blockchain researchers predict that the altcoin project will likely repeat the performance of Ethereum (ETH) in the next rally.
The Solana (SOL) ecosystem, in particular, is going through an explosive growth phase in the DeFi and NFT markets segments. From a technology standpoint, investor Justin Bons says Solana’s (SOL) parallelization concept could be attractive for Ethereum’s (ETH) dApps because the second-largest blockchain is lagging behind sharding. Currently, SOL is changing hands at $29.11, up 9.8% in the last 24 hours.
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