Former Goldman Sachs executive and macro expert Raoul Pal is bullish on Solana (SOL) based on his interpretation of the technical analysis.
Pal says in this week’s Global Macro Investor (GMI). newsletter that the competitor to Ethereum (ETH) and the 11th largest crypto asset by market capitalization is “getting ready” for an upward move.
The macro guru says Solana has undergone consolidation after completing a pattern that points to a reversal from a bearish to a bullish trend.
“Solana looks like it is gearing up to take the next step up after a period of consolidation following the reverse head-and-shoulders breakout in April. Solana has been a big bet at GMI this year and is up nearly 150% since the start of the year…”
Solana is trading at USD 19.88 at the time of writing.
On the stock side, the macro guru says it appears global stocks are poised to rise amid the formation of a bullish pattern.
According to the macro guru, global equities could reach new highs if a key level of resistance on the All Country World Index (ACWI) index is broken. The ACWI Index measures the performance of large and mid-cap stocks in both developed and emerging markets.
“Global stocks look like the mirror image of the DXY [US dollar index] and appear to form a large head-and-shoulder buttocks. We are now very close to a possible breakout and the small bullish pennant that has formed on the right shoulder looks like just the boost needed to pull us over the line. If we break 94, the measured move is new highs…”
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Image generated: Midway through the journey
