Leading altcoin Solana, a strong rival to Ethereum, has fallen to lows not seen since mid-April. However, Solana fans see this decline as an opportunity. Macro guru Raoul Pal thinks the SOL is preparing for explosive moves in the future. Meanwhile, controversial internet influencer Andrew Tate looks at Solana’s recent decline from a different perspective.
Macro guru makes epic prediction for Solana
cryptokoin.comAs you follow from, the cryptocurrency market is on a downward trajectory. Solana, which has made a name for itself with strong increases this year, continues to lose altitude. However, Raoul Pal, founder and CEO of Real Vision, is hopeful about the future of Solana (SOL). Pal makes an epic prediction for SOL, likening its potential growth to bananas that “ripen slowly, but should be spectacular in the fall.”
Raoul Pal shared his views on Solana’s recent price movement in a recent post. “Bananas are slowly ripening… but it should be spectacular in the fall,” the macro guru said, figuratively expressing his belief in a significant price increase for SOL in the future. Pal also suggested that, in light of the recent downturn in the market, the current price decline may present a buying opportunity for those looking to increase their holdings in Solana. In this context, he said, “If you want to brazenly increase your LEFT position, this would probably be a good entry zone.”
Despite the market’s bearish trend, Pal’s projection suggests Solana could be poised for a significant rebound. Pal had previously predicted a “banana season” for Solana. Referring to his previous statements, Pal said: “I always said this would come. However, we do not know exactly when this will happen as the horizontal consolidation must be broken first.” said.
Is Solana’s decline an opportunity for altcoin investors?
SOL price fell 5.71% today to $135.28. Thus, the altcoin market cap was $62.48 billion. Over the past week, SOL has fallen nearly 11% from $160 to its current low. Internet influencer Andrew Tate sees this decline as a chance for the market to weed out underperforming projects.
Moreover, Tate predicts that this setback will ultimately benefit Solana. He expects it to streamline the market by eliminating weak or fraudulent projects and allowing those with real potential to thrive and reach new ATHs.
Altcoin price performance and technical picture
SOL price is trading with a bearish bias, aligning with the broader market trend. It recorded a new low on Tuesday at $131.00, an intraday low. Solana price fell below the trend line (center line) of the Fibonacci retracement indicator, worsening the outlook. The Relative Strength Index (RSI) shows that SOL bulls continue to capitulate as they post lower highs. Likewise, the Moving Average Convergence Divergence (MACD) remains suppressed below the signal line (orange band). Volume profiles also show large red nodes to indicate a bearish trend in the SOL market. This could extend the decline in altcoin price and potentially provide another buying opportunity at the bottom of the market range at $121.45.
Conversely, a resurgence among bulls could see the altcoin price recover and the trendline remain a support. According to the Fibonacci retracement indicator, the key levels to watch are the 68.1%, 50%, and 38.2% Fibonacci retracement levels at $152.74, $162.41, and $172.07, respectively. However, to confirm the uptrend, the bulls must manage to pull the SOL above the 23.6% Fibonacci retracement level at $184.03. A stable candlestick close above this level will confirm that the uptrend is continuing. This could see Solana price reclaim the range high of $203.36, last tested on March 17.
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