19 June 2024
Raoul Pal, the co-founder and Chief Executive Officer (CEO) of Real Vision, a financial media platform, has indicated that Solana is on the brink of reversing its bearish trends. The financial expert has predicted a “magnificent autumn rally” for the cryptocurrency in this market cycle.
Solana To Witness Major Autumn Rally
Solana’s recent downward trend could potentially signal a great buying opportunity for investors who remain optimistic about the cryptocurrency’s future outlook. Being a popular supporter and long-term investor of Solana, Pal has expressed confidence in the cryptocurrency’s ability to witness a major price increase soon.
In an X (formerly Twitter) post on June 18, Pal highlighted Solana’s present market dynamics, sharing a detailed price chart of the cryptocurrency, depicting its price movements from July 2023 to July 2024. The analyst described Solana’s price actions as a “banana” that was slowly “ripening,” emphasizing the cryptocurrency’s steady rise to peak value.
He also underscored the cryptocurrency’s significant growth potential and performance amidst market downtrends, highlighting Solana’s ability to witness a “magnificent” rally in the upcoming autumn season. In this context, the autumn season signifies a cryptocurrency season characterized by a surge in market capitalization followed by initial signs of market weakness, as investors take profits and volatility increases.
Typically, crypto autumn precedes the winter season which is the harshest period in the market where bears attack and cryptocurrency prices fall dramatically. Pal has suggested that investors who wish to add more SOL to their existing holdings can do so during this period to take advantage of potential buying opportunities.
He portrayed Solana’s present price as a prime entry point for crypto investors to position themselves before an impending rally. However, a few crypto community members expressed skepticism about Pal’s predictions, including crypto analyst, Jerry Jordan who queried about the timeline for this projected “banana season.”
Responding to Jordan’s comment, Pal acknowledged that while a banana season for Solana was inevitable, ongoing market volatility makes the timeline for its projected surge uncertain. He emphasized that Solana will need to break out of its current sideways consolidation before it can witness a significant price increase.
Sharing Pal’s bullish sentiments for Solana, popular crypto analyst, Ali Martinez has disclosed a key support zone at $141 for the cryptocurrency. He revealed that Solana’s TD Sequential was showing a major buy signal on its daily chart, predicting a possible rebound if the cryptocurrency holds the aforementioned support level.
SOL Price Fundamentals Remain Strong Amidst Downturn
The price of Solana has been on a major downward trend lately, recording a significant 19.84% decline since the beginning of the month. Despite the market’s volatility, the price of Solana has continued to maintain a value above $135, underscoring its strong price fundamentals amidst wavering market conditions.
According to CoinMarketCap data, Solana is trading at $139.78, reflecting a 0.31% surge in the last 24 hours. The cryptocurrency is steadily pushing toward the $150 threshold despite witnessing an 8.44% decline over the past seven days.