Raoul Pal, the founder of Real Vision and a well-known commentator on cryptocurrency, is extremely bullish on SOL, the native currency of the Solana platform. He predicts that the coin will likely double in value in the next few trading sessions, especially if it manages to break above the immediate liquidation level. According to Pal, SOL has already seen a rally of 171% in 2023 alone. He points to a critical resistance level of $30, which he believes marks a crucial liquidation point based on the “big inverse head and shoulders” pattern visible on the daily chart. This pattern suggests that bearish momentum is slowing and an uptrend could be on the horizon. However, Pal emphasizes that the uptrend will only be confirmed with a high-volume bullish breakout above the “neckline” at $30.
Despite facing strong resistance against the USDT and USD bulls, SOL has been outperforming Ethereum (ETH) and Bitcoin (BTC) in recent months. SOL bulls have managed to break through key resistance levels against Ethereum, reversing previous losses and continuing to climb. While Ethereum remains strong when compared from a top-down perspective, up 70% against SOL according to the SOLETH daily chart, SOL is trading at new highs for 2023 against Ethereum. This development indicates a shift in market dynamics and growing bullish sentiment for SOL. These positive price movements and partnerships in the cryptocurrency space lead Pal to believe that SOL could potentially lead the market to a “Crypto Summer” in 2024. One such partnership that has contributed to this optimism is between Visa and Solana, as Visa introduced USDC settlement on the Solana network, citing the platform’s high throughput as a key factor in their decision. This partnership aims to improve the speed of cross-border settlement and provide a modern option for clients to easily send or receive funds from Visa’s treasury.
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