Raoul Pal Predicts Doubling of SOL Price as Solana Gains Momentum
Raoul Pal, the founder of Real Vision and a well-known commentator in the crypto space, believes that SOL, the native currency of Solana, is set to experience significant growth. According to Pal, SOL has shown bullish trends throughout the year and is likely to double in value in the near future, especially if it breaks above the critical liquidation level.
Technical Analysis and Key Resistance Level
Paying attention to technical candlestick arrangements, Pal identifies $30 as an important resistance level for SOL. This level is crucial based on the “big inverse head and shoulders” pattern observed on the daily chart. This pattern suggests a potential reversal of bearish momentum and indicates an upcoming uptrend.
Confirmation of Uptrend
However, Pal emphasizes that a high volume breakout above the neckline at $30 is required to confirm the uptrend. This psychological level has acted as a significant barrier since July 2023 and represents Solana’s highest price this year.
Potential Impact on the Market
Pal believes that if SOL continues its rally, it could lead to what he calls a “Crypto Summer” in 2024. This anticipated uptrend could be influenced by recent partnerships formed by Solana. Notably, Visa introduced USDC settlement on Solana in early September, aiming to enhance cross-border settlement speed and provide clients with an efficient option for fund transfers.
Hot Take: SOL’s Bullish Momentum Points Towards Positive Future
SOL’s impressive performance throughout the year and its potential for doubling in value indicate a positive future for Solana. With the key resistance level at $30 and the possibility of a confirmed uptrend, SOL’s growth could have a significant impact on the overall crypto market, potentially leading to a “Crypto Summer” in 2024. The strategic partnerships formed by Solana, such as the collaboration with Visa, further strengthen its position and increase its potential for success.
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