- Raoul Pal predicts Solana’s SOL may double with a breakout above $30.
- SOL surpasses resistance against Ethereum and Bitcoin, reaching new highs in 2023.
- Visa’s USDC settlement on Solana hints at a promising ‘crypto summer’ in 2024.
Raoul Pal, the founder of Real Vision and a prominent voice in the crypto space, has delivered an optimistic forecast for Solana’s native cryptocurrency, SOL. Pal’s assessment revolves around several key factors, projecting a potential doubling in SOL’s value.
The coin has seen an impressive 171% surge in 2023, underlining a year characterized by considerable bullish momentum.
The founder highlights a critical juncture, with $30 as the immediate resistance level. This mark corresponds to a crucial liquidation threshold, as evidenced by a prominent “big inverse head and shoulders” pattern on the daily chart. This pattern typically signals a slowdown in bearish momentum and the possibility of an impending uptrend.
However, Pal emphasizes that the uptrend will be validated only upon a high-volume breakout above the $30 “neckline.” This psychological level has proven resilient, remaining unbroken since its registration in July 2023, representing Solana’s highest price point this year.
Beyond the technicals, SOL’s performance against other major cryptocurrencies paints a favorable picture. SOL has managed to overcome resistance levels when measured against Ethereum (ETH) and Bitcoin (BTC). This achievement signifies a reversal of losses suffered in 2022, showcasing SOL’s increasing strength.
Furthermore, Pal’s bullish sentiment extends to the prospect of a ‘crypto summer’ in 2024. He attributes this potential rally to a series of strategic partnerships recently inked by Solana.
Notably, global payment processor Visa introduced USDC settlement on the Solana network, citing its high throughput capabilities. This development is expected to enhance cross-border settlement speed and provide modern solutions for Visa’s clients, ultimately adding to the overall momentum of the crypto market.
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