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Top investor Raul Paul makes an interesting prediction about Solana. In this Pooyan Music post, we want to see how long the Solana (SOL) rally will last?
Why $30 and $50 are critical levels for Solana (SOL) price, says Raul Paul, CEO of RealVision.
Solana (SOL), a blockchain-native cryptocurrency asset, is getting close to testing a major pattern. An experienced macro investor says that if he wins this test, he will probably get a 66% return. His comment is in line with Solana’s current growing situation.
Top macro investor and market commentator Raul Paul has been bullish on Solana (SOL) all year. During this period, property prices increased by 171%. There are also signs that an amazing rally is on the way, he added.
Currently, the price of Solana (SOL) is testing a large “inverse head and shoulders” pattern. The first “shoulder” was registered at the beginning of the second quarter of 2022. So the bottom of the pattern (“head”) occurred in December 2022 in the midst of the most painful phase of the market downturn after the collapse of FTX.
Thus, the ongoing “shoulder” phase may take Solana (SOL) to $50. However, to confirm this pattern, SOL price needs to protect the $30 level.
Also, Paul noticed that Solana (SOL) is doing well against Bitcoin (BTC) and Ethereum (ETH), the two biggest cryptocurrencies by market cap.
In October 2023, the SOL/BTC and SOL/ETH charts broke out of bearish patterns almost simultaneously.
Yesterday, October 20, 2023, the price of Solana (SOL) stopped within a step of the favorable level of $30. At press time, the asset is trading at $28.92, up 8.2% in the last 24 hours.
As a result, Solana (SOL) may see a bright future in the medium term. In particular, the second to third quarter of 2024 may bring the best returns for Solana (SOL) bulls:
It looks like SOL will lead us from crypto spring to eventually crypto summer in 2024.
His statements have been confirmed by many analysts and investors. Blockchain researchers predict that Solana (SOL) may repeat the performance of Ethereum (ETH) in the next rally.
In particular, the Solana Ecosystem (SOL) is going through an explosive growth phase in the DeFi and NFT market segments.
“Technologically, Solana’s (SOL) parallelization concept may be attractive for Ethereum (ETH) dApps,” says investor Justin Bones.
