Co-founder and CEO of the significant financial news site Real Vision, Raoul Pal, thinks that Solana will have a good rally this fall. This could be a change from its recent downward trend. Pal, a well-known Solana fan and long-term trader, said he was sure that the cryptocurrency’s price would soon go up by a lot.
Pal’s guess, which was posted on X (formerly Twitter) on June 18, included a full chart of Solana prices from July 2023 to July 2024. He said that the price changes for Solana were like a “banana” slowly ripening, which means a steady rise to its highest point. Especially when the market is going down, he said, the coin could grow a lot. He also said that Solana could lead a “magnificent” rise this fall.
Solana Faces Market Volatility
As Pal pointed out, the autumn rise usually comes before a rough winter in the cryptocurrency market, when prices drop a lot. During this time, he said, investors might want to think about adding to their SOL stocks, possibly taking advantage of good buying opportunities before the expected price rise.
Even though Pal is optimistic, some people in the crypto world are still not sure. Jerry Jordan, a crypto expert, asked when the expected “banana season” would start. Pal agreed that there was some doubt because the market was still volatile, but he insisted that Solana had to break out of its current sideways consolidation before the price would go up significantly.
Similar to Pal’s optimistic view, well-known crypto expert Ali Martinez found a key support area for SOL at $141. He said that SOL TD Sequential indicator showed a strong buy signal on its daily chart. This means that the cryptocurrency might go up if it stays above this support level.
As of late, SOL has been going down a lot. It has gone down 19.84% since the beginning of the month. But its value has stayed above $135, which shows that prices are stable even though the market is shaky. At the moment, SOL is worth $139.78 on CoinMarketCap. It’s gone up by 0.31% in the last 24 hours, but down by 8.44% in the last week.
When Solana gets close to $150, both analysts and buyers pay close attention. They are trying to find signs of the expected rise in the fall.
