Popular crypto pundit Raoul Pal has shared a bullish outlook on Solana (SOL), predicting a significant uptick in its value even as the crypto market cools off following a highly volatile week.
Speaking on Friday, the co-founder of Real Vision Group emphasized SOL’s potential to outperform other major cryptocurrencies like Bitcoin and Ethereum, citing recent technological advancements and market dynamics.
“I think it’s coming and I think Solana is going to lead it (BTC) and as I’ve urged with your patience is required these things don’t come instantaneously but when they come, they can be life changing,” Pal stated confidently.
Pal further revealed his personal strategy, disclosing that he has allocated 90% of his crypto holdings to Solana, reflecting his confidence in its long-term prospects.
Switching to technical analysis, Pal showcased charts depicting Solana’s price patterns, highlighting a textbook-perfect wedge formation known for signaling upward trends after periods of low volatility. He anticipates a significant growth phase, possibly extending into early next year, as the altcoin season unfolds.
Apart from the pattern, Pal highlighted additional fundamental factors supporting a bullish outlook. He emphasized Solana’s adoption of NFT compression technology, which enables scalable and cost-efficient handling of non-fungible tokens (NFTs). Pal also underscored innovations such as Blink, Fire Dancer, and ZK compression, which significantly boost Solana’s transaction processing capabilities and position the blockchain favorably for widespread adoption.
Despite experiencing a pullback that has kept its price mostly sideways since March, SOL has shown impressive resilience and outperformed Bitcoin and Ethereum since last October. Although it retreated after peaking at $208 in March, SOL has consistently maintained strong support levels around $128, bolstering trader optimism that the token price could surge significantly.
In a tweet on Friday, Zhu Su, a founder of the now-defunct Three Arrows Capital crypto hedge fund, suggested that SOL could reach $1,000, drawing attention to the impressive performance of the Grayscale Solana Trust.
“Why is no one talking about how Grayscale Solana trust is implying $1,000 per SOL already. The numbers are very similar to when eth was $200 but ethe implied $1,000, in 2020.” He wrote.
At press time, SOL was trading at $147.75, reflecting a 15.09% increase over the past seven days. In contrast, BTC and ETH saw declines of 5.28% and 3.65%, respectively, over the same period.
