Macro Guru Predicts Continued Rally for Solana (SOL)
Raoul Pal, a macro guru, believes that Solana (SOL), an Ethereum (ETH) competitor, still has room to grow despite its recent surge.
In the latest Global Macro Investor (GMI) newsletter, Pal discusses how SOL broke out of an inverse head-and-shoulders pattern and has seen a 475% year-to-date increase, emphasizing its status as a core trade at GMI.
However, he points out that SOL’s relative strength index (RSI) indicates it is overbought and could experience selling pressure soon after a 240% increase in two months.
Despite this, Pal remains optimistic about SOL’s future performance and suggests that the total market capitalization of Solana and other altcoins is on an uptrend after breaking out of a bullish falling wedge pattern.
As of now, Solana is trading at $52.53, down 6.3% in the last 24 hours.
Hot Take
Raoul Pal predicts continued growth for Solana despite short-term indicators suggesting otherwise. He also highlights the positive trend for the total market capitalization of Solana and other altcoins. However, short-term overbuying may trigger some selling pressure.
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