Solana (SOL), a strong competitor to Ethereum (ETH), has impressed with its 500% one-year performance. However, it has been losing altitude lately. However, former Goldman Sachs executive and macro guru Raoul Pal expects much more from Solana.
Raoul Pal’s price predictions for SOL!
In an interview with Wall Street veteran Anthony Scaramucci, Raoul Pal says that by the end of the current cycle, Ethereum rival Solana (SOL) could explode to a price “probably north of $1,000.” Solana was trading at $142 at the time of writing. Pal notes that the target represents a potential gain of at least 604% from current levels. In this regard, the macro guru makes the following statement:
The range for me is… worst case $800, medium $1,200. high $2,500.
Is it possible for Solana to overtake Ethereum (ETH)?
Cryptocoin.comAs you can follow from , there is a debate in the market whether Solana will be able to surpass Ethereum (ETH). Raoul Pal also evaluates this issue. Pal says, “I don’t think so. I think Solana will grow significantly. It will also close the gap with Ethereum to a large extent.” Meanwhile, Ethereum’s market cap is at $318.7 billion at the time of writing. On the other hand, Solana’s market cap is at $67.02 billion. The macro guru also says that the two blockchains are optimized for different market segments. In this regard, Raoul Pal makes the following statement:
Different blockchains are used for different things. Ethereum is more secure, probably the blockchain that the financial sector chooses to build on layer-2 or something. Because it is very secure, very well battle-tested, very respected and still innovative. Solana seems to be more for retail applications and fast-moving applications. (…) Ethereum was a really big thing in decentralized finance (DeFi) and of course Non-Fungible Tokens (NFTs) were very big. But that also went to Solana. So valuable transactions… If banks are going to be moving hundreds of billions of dollars between each other, Ethereum is probably the blockchain of choice. Solana… is the right choice for a lot of fast transactions.
SOL price forecast: Volatility remains!
Market analyst Aaryamann Shrivastava looks at the technical picture of Ethereum rival Solana. The SOL price is likely to move sideways going forward. The market gaining stability has led to a decrease in overall volatility, which could then hold SOL above the $137 support. This consolidation could potentially create bullish momentum to trigger a recovery rally in Solana’s price. A successful rally could take SOL to $156. Breaking this support would help the altcoin recover some of its 30% drop from late July.
However, if the breach fails, the consolidation will continue below the $156 resistance level, which will invalidate the bullish thesis of recovering past losses.
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