As the worth of Solana (SOL) stays comparatively secure at $21, macroeconomics specialist and former Goldman Sachs government Raoul Pal has issued a daring forecast for the cryptocurrency. As of the time of this publication, the worth of Solana has gone up by 2.8% within the final twenty-four hours however has gone down by 8.16% within the final seven days.
Raoul Pal’s Wild Prediction for SOL
In response to Pal, he anticipates that the foreign money will attain $1,000 earlier than the conclusion of the present cycle. He additionally mentioned that it’d merely go as much as $500, however he’s actually bullish about SOL no matter this risk.
As a result of sellers managed the market all through the day, the latest value evaluation for Solana reveals a significant destructive development within the underlying market. After the worth reached a brand new low, assist emerged, and now the bulls are working to push the worth ranges again as much as the place they have been earlier than.
On January 30, the worth of SOL fell beneath an ascending assist line that was proven on a short-term chart that’s six hours in size. Afterward, on February 2nd, it was confirmed that there was resistance. Since then, the worth has decreased.
As well as, evidently the worth is buying and selling down, and there’s total promoting strain, each of that are very destructive developments for the cryptocurrency. If the present sample of promoting continues, one ought to put together for the potential of extra value erosion sooner or later.
A four-hour Solana value evaluation reveals that the market continues to be being pressured by bears, and the bulls are struggling to take management. Costs are nonetheless trending down, though bulls have made a comeback within the final day.
Despite latest weak spot, the worth stays nicely above its 20-day shifting common of $21.46. We could count on future value motion to be optimistic as a result of comparatively excessive volatility.
