It has been just revealed the fact that Raoul Pal is predicting more rallies for Solana (SOL) in the near future. Check out the latest reports about this below.
Raoul Pal predicts more rallies for Solana (SOL)
Raoul Pal, an expert in macroeconomics, believes that Solana (SOL), a rival of Ethereum (ETH), is still in the midst of a bullish run, despite its recent surge.
In the latest edition of Pal’s Global Macro Investor (GMI) newsletter, the former Goldman Sachs executive notes that Solana has entered an uptrend after breaking out of a classic bullish pattern.
“SOL broke out from its inverse head-and-shoulders last month and is now up over 475% year-to-date. This has been one of our core trades at GMI (Global Macro Investor) this year and has worked out really well.”
According to a warning, SOL may retrace soon after its recent surge.
This is based on the relative strength index (RSI), which is a widely used momentum indicator that helps determine if an asset is overbought or oversold.
The RSI of SOL is currently at 89, which is the highest since September 2021, indicating that it is overbought in the short term.
As a result, there could be some selling pressure soon. However, this should not come as a surprise, given that SOL has risen by 240% in just two months.
Despite this, Pal believes that Solana will continue to rally based on its broader historical price pattern.
He also notes that the total market capitalization of Solana and other altcoins is on an uptrend after breaking out of a bullish falling wedge pattern.
Not too long ago, a crypto trader who correctly predicted the lowest point of Bitcoin’s bear market in 2018 is now forecasting that Solana (SOL) will easily surpass $100.
The analyst, who goes by the pseudonym Bluntz on X social media platform, believes that Solana, a competitor to Ethereum (ETH), will likely experience a rise of over 218% from its current value after a prolonged accumulation phase.
