Crypto analyst and macro expert Raoul Pal has projected a significant bullish surge for Solana SOL/USD, anticipating it to outperform Bitcoin BTC/USD in the ongoing cycle.
What Happened: In a video on YouTube on Friday, Pal pointed out that Solana is demonstrating a classic bullish inverse head and shoulders pattern (I-HNS) against Bitcoin.
“That's a killer inverse head and shoulders, cup and handle, whatever it is. It's suggesting there is a very big move to come in this cross, meaning Solana is going to outperform a lot,” Pal said.
An I-HNS pattern is a bullish technical formation. The right shoulder indicates that investors are eager to accumulate the asset without waiting for the price to fall to its previous low.
Pal also hinted at a bullish pattern for Solana that could lead to a price target of $265, a more than 45% gain from the current value.
According to Pal’s chart analysis, Solana has turned the diagonal resistance of a triangle pattern into support. Last month, he stated that the crypto market is approaching the “Banana Zone,” a period of sustained uptrend for Bitcoin and other digital assets.
"Solana, well, it's breaking out. It's retesting that breakout. That's what it's been doing the last couple of days. Looks beautiful. We want to see this kind of stuff, because test, retesting of breakouts, bit of sideways consolidation, brings you the power of the banana, which is all we care about," he added.
Pal’s bullish prediction for Solana is significant. His analysis suggests that Solana’s current pattern could lead to a substantial price increase, which would be a notable development in the crypto market.
Furthermore, his forecast of the “Banana Zone” indicates a potential uptrend for not only Bitcoin but other digital assets as well.
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