Raoul Pal’s Positive Outlook for Solana (SOL)
Raoul Pal, the founder of Real Vision and a leading figure in the cryptocurrency space, has shared an optimistic prediction about Solana’s native cryptocurrency, SOL. Pal’s analysis revolves around several key factors, indicating a potential doubling in SOL’s value.
SOL’s Impressive Performance in 2023
The coin has experienced a remarkable 171% surge in 2023, marking a year characterized by significant bullish momentum.
Pal emphasizes a crucial juncture, with $30 serving as the immediate resistance level. This level corresponds to a vital liquidation threshold, evident from a prominent “big inverse head and shoulders” pattern on the daily chart. Such patterns typically indicate a slowdown in bearish momentum and the possibility of an upcoming uptrend.
However, Pal underscores that the uptrend will be confirmed only with a high-volume breakout above the $30 “neckline.” This psychological level has remained unbroken since its establishment in July 2023, representing Solana’s highest price point this year.
SOL’s Strong Performance Against Major Cryptocurrencies
Beyond the technical indicators, SOL has shown strength against other major cryptocurrencies like Ethereum (ETH) and Bitcoin (BTC). It has successfully surpassed resistance levels against these cryptocurrencies, reversing the losses suffered in 2022.
Visa’s Strategic Move on Solana Network
Pal’s optimism extends to the possibility of a ‘crypto summer’ in 2024, driven by strategic partnerships Solana has recently formed.
Global payment giant Visa introduced USDC settlement on the Solana network, citing its high throughput capabilities. This development is expected to enhance cross-border settlement speed and offer modern solutions for Visa’s clients, contributing significantly to the overall momentum of the crypto market.