Raoul Pal, founder of Real Vision, former Goldman Sachs executive and macroeconomics expert, recently shared his optimism about Solana (SOL) in the latest edition of the Global Macro Investor (GMI) newsletter. Drawing on his expertise in technical analysis, Pal remains convinced that Solana is on the cusp of a significant upside.
Solana’s trend reversal
Solana (SOL), a cryptocurrency that rivals Ethereum (ETH) and currently ranks 11th by market capitalization, appears to have completed its period of consolidation and is preparing to start a bullish trend.
Let’s go back in time to understand the evolution of Solana. In November 2021, its price reached dizzying heights, approaching $260, giving investors a feeling of power. But since then, a dizzying dive has followed, causing the price of the SOL token to plummet to nearly $20. In other words, a devaluation of about 92.6%. However, all hope is not lost.
Raoul Pal, the former Goldman Sachs executive and macroeconomics expert, is keeping spirits up and remains optimistic about Solana’s future. According to his analyzesthis cryptocurrency is currently in a consolidation phase after successfully breaking through the inverse head and shoulders pattern, a harbinger of a trend reversal.
” Solana appears to be gearing up for further upside following a period of consolidation following the reverse breakout of the head and shoulders pattern in April. Solana has been a strong GMI pick this year and is up around 150% year-to-date… says Pal.
Indeed, since the beginning of 2023, Solana has followed a general upward trend. Its price has risen from $9.87 to $19.50 at the time of writing, registering a growth of around 120%.
Global equity forecasts
Besides Solana, Raoul Pal also discusses global equities in his newsletter. According to him, these stocks seem poised to rally, forming a bullish pattern.
In particular, if the All Country World Index (ACWI) manages to breach a key resistance level, global equities could reach new highs. The ACWI Index measures the performance of large and mid-cap stocks in developed and emerging markets.
” Global stocks mirror the DXY Index (US Dollar Index) and appear to be forming a significant bottom in the form of a head and shoulders pattern. We are approaching a possible breakout, and the small bullish pennant formed on the right shoulder appears to be the impetus needed to cross the line. If we exceed 94, the measured movement will take us to new heights…”
However, it should be emphasized that these comments do not in any way constitute investment advice. It is essential to carry out your own thorough research before venturing into the world of cryptocurrencies. Before acquiring your first cryptos, take the time to educate yourself, analyze trends and understand the potential risks associated with them.
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