Altcoins are experiencing market volatility due to the banking crisis. According to technical analysis and a recent bullish reversal pattern, one analyst expects Solana (SOL) to rise soon. Is it a good time to buy Solana or should you wait for altcoins to bottom out? Find out!
Raoul Pal’s bullish analysis
Renowned macro expert and Real Vision founder, Raoul Pal, just shared his insightful analysis that has the crypto community buzzing. This time, Pal’s attention is completely focused on Solana (SOL), the 11th largest cryptocurrency in the market. Brace yourself and get ready for a potential roller coaster ride of winnings!
His influential Global Macro Investor (GMI) newsletter, reveals an intriguing pattern for Solana. After carefully studying the technical aspects, Pal has become increasingly optimistic about the future of this Ethereum (ETH) competitor.
What makes Pal so excited about Solana? Well, he believes that the cryptocurrency is poised for a major break and transition from a bearish to a bullish trend. This revelation comes on the heels of a major event in April — a remarkable head-and-shoulders breakout. Since then, Solana has been consolidating, setting the stage for a potential explosive wave.
Why Solara?
At GMI, Solana has been on the radar for quite some time and it has already delivered impressive profits, up almost 150% since the start of the year. With Solana currently trading at $19.88, the stage is set for an exciting opportunity that could generate significant returns for investors like you.
Global equities on the brink of rally
But that is not everything! Pal’s expertise goes beyond cryptocurrencies. He also shares his insights into the global stock market, adding another layer of excitement to the mix. According to Pal, global equities are on the brink of a powerful rally.
He points to an exciting pattern – a head-and-shoulders formation – that points to potential gains in the overall market. The key lies in the All-Country World Index (ACWI), a comprehensive measure of large and mid-cap stocks in both developed and emerging markets. If a critical level of resistance breaks on the ACWI index, brace yourself for a notable rise in global equities.
Solana’s trend reversal
What makes this analysis even more intriguing is the completion of a reverse head-and-shoulders breakout in April. After this breakout, Solana entered a consolidation phase, creating the perfect setup for a potential upside. He further highlights that Solana has been a major focus at GMI this year, and its impressive 150% increase since early 2023 speaks volumes about its potential.
