Raoul Pal, Real Vision Founder, Optimistic about Solana (SOL) and Foresees an Impending Upswing
Raoul Pal, a former Goldman Sachs executive and macro expert, expresses optimism about Solana (SOL) based on his analysis of technical indicators. In his recent Global Macro Investor (GMI) newsletter, Pal suggests that Solana, a prominent Ethereum competitor and the 11th-largest cryptocurrency by market cap, is poised for an upward trajectory. After completing a consolidation phase following an inverse head and shoulders breakout in April, Solana appears primed for its next move higher.
Pal highlights the significant gains Solana has achieved this year, currently standing at nearly 150% year-to-date. As of now, Solana is trading at $19.88. Shifting focus to the stock market, Pal observes a potentially bullish pattern emerging, indicating a potential rally in global equities. If a key resistance level on the All Country World Index (ACWI) is surpassed, it could lead to new highs in the global equities market. Pal notes that the formation of a large head-and-shoulders bottom, along with a small bullish pennant on the right shoulder, may provide the necessary impetus for a breakout. The breakthrough point to watch is 94 on the ACWI, with the measured move pointing towards new highs.
Clever Robot News Desk 24th May 2023