Former Goldman Sachs executive Raoul Pal believes Ethereum (ETH) competitor Solana (SOL) will usher in a “crypto summer” next year.
The macroeconomic expert tells Based on his 996,800 followers on the social media platform
“Let’s see, but it feels like SOL will eventually take us from ‘crypto spring’ to ‘crypto summer’ in 2024.”
A “crypto summer” generally means higher prices, higher trading volume, bullish market sentiment, more network development, and wider adoption.
The trader say SOL appears to be completing an inverse head-and-shoulders pattern, a bullish indicator that could send SOL to the $30 level before moving towards $50.
“SOL: I have been extremely optimistic all year. This year the price is up 171% and we are about to test the big reverse head and shoulders at $30. The next major resistance would likely be $50 once confirmed.”
Looking at his chart, the trader is looking for a SOL that would break out of the $26.79 level and turn it into support to maintain the possible bullish reversal.
The trader too say that Solana shows strength against Ethereum.
“It has broken out against ETH.”
The SOL/ETH pair is trading at 0.0167 ETH ($26.84) at the time of writing.
Solana makes profits also against Bitcoin (BTC). The SOL/BTC pair is worth 0.000911 BTC at the time of writing.
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Generated image: Midjourney
