Raoul Pal, known as macro guru, is an Ethereum rival solana He believes that the price has not registered a ‘real’ rally even after rising in recent weeks.
Expressing his views in the new section of the Global Macro Investor (GMI) newsletter, Pal stated that Solana started an uptrend after breaking out of a classic uptrend.
According to the macro guru, SOL broke out of an ‘inverted head and shoulders formation’ last month. Moreover, it has increased by over 475% since the beginning of the year. Taking these developments into account, Pal underlined that one of the most important assets in GMI is SOL.
However, based on the relative strength index (RSI), a widely used momentum indicator that aims to determine whether an asset is overbought or oversold, Solana believes that the sudden rise in price will likely be followed by a pullback.
In the short term, SOL is overbought with an RSI value of 89 (the highest since September 2021), so we should expect to see some selling pressure soon. This should not surprise anyone that we rose 240% in two months!
NEWS CONTINUES BELOW
Koinfinans.com As we reported, Pal expects the price to continue rising based on SOL’s broader historical price pattern.
Also Solana et al. altcoinIt suggests that ‘s total market capitalization is in an uptrend after breaking out of an ascending falling wedge pattern.
