Solana (SOL) Price Set to Hit All New ATH – Cryptocurrency Expert Raoul Pal Predictions
Solana suffered a series of declines last week and this week. But this week efforts were made to jump-start her recovery. Solana (SOL) cryptocurrency is trading at $92.05, up 2% in 24 hours.
Thanks to its strong momentum, Solana is now the fifth-largest digital currency by market capitalization of $40 billion. Despite the favorable gains, Solana’s 24-hour trading volume fell 8% to $1.6 million.
Pal Foresee’s A Rally Call in Solana’s Restoration Quest
Adding to the bullish sentiment surrounding Solana, legendary trader Raoul Pal bolstered his support for the company with a cryptic prediction. Pal hints that a bull run is imminent for Solana, stressing that investors should “stick to the program.”
However, the key to his prediction is for Solana to break the resistance area at the $92.92 price level, as seen in the chart he shared.
Nonetheless, the chart in question leads Raoul Pal to question the log chart completeness, suggesting that it is an important indicator of the coin’s overall future bullish phase.
This prediction comes at a critical time when Solana has been dealing with sudden volatility in recent months and it is difficult to believe it will go against the tide.
Solana, on the other hand, showed remarkable resilience in 2023, outperforming its parent coins with a whopping 700% price surge during its historic rally. Despite the continued recovery, Solana has yet to regain its previous year’s high of over $125.
What’s wrong, Solana?
Moreover, Pal said there are many reasons to be optimistic about Solana now, including the fact that Solana’s second smartphone, the Saga, has had a successful launch in the tech space. Therefore, the fact that Pal has always supported Solana and often ranks it higher than its main competitor, Ethereum (ETH), adds to the positive market perception.
Echoing similar thoughts, cryptocurrency expert Nebraskangooner observes a positive trend in Solana’s native token (SOL) and predicts a potential rise in its market value. According to his analysis, Solana sees potential for further upside and should maintain critical support levels for sustained financial gains.
as a result
As Solana navigates a changing market, the success of the cryptocurrency depends on critical factors: As long as the negative trend continues, Solana could fall to $20 or even support levels near $50.
On the other hand, if the bulls come back, Solana could move up to higher support levels around $125. Over the next few weeks, it will be very important to see whether Solana can rebound from the recent downturn or whether it is still affected by ongoing market changes.