Bitcoin finally broke above $23,000. In this way, the prices of altcoins continued to be traded in the green in the first half of the week. As a result, analysts and economists took immediate action. As always, they focused on altcoin projects with bullish potential. Raoul Pal, the world-renowned economist and CEO of Real Vision, was one of them. Pal began to suggest that an altcoin would even surpass Ethereum. Here are the details…
Raoul Pal: “This altcoin has the potential to surpass Ethereum”
Real Vision CEO Raoul Pal seems to have been a staunch advocate of altcoin Solana. The analyst suggested that the Solana project, which describes itself as the “Ethereum Killer”, will surpass Ethereum. Pal, who has worked at famous financial companies such as Goldman Sachs in the past, expects SOL to rise to a high level against ETH recently. He states that he thinks SOL has the potential to make a very successful rise if this happens. Moreover, the economist adds that he has been investing in the altcoin asset for the past 4 weeks. However, he adds that most of his savings consist of ETH and a small part of SOL:
“The SOL/ETH pair broke the channel, then corrected. It remains unclear whether it can outperform Ethereum yet. But it can manage to conquer recent highs. If he manages to do that, very good ups are likely to come. I’ve created a good long LEFT position in the last 4 weeks. However, I bought this and more ETH into my portfolio. But SOL is still very important to me, albeit in a much smaller amount.”
Continuing to share, the famous economist also examines the SOL/USD parity. Accordingly, the SOL/USD chart suggests Solana is producing an inverted head and shoulders pattern. The aforementioned pattern is known as an important indicator signaling a major reversal in the crypto space. Pal also argues this, noting that it’s an important technical chart that shows a trend reversal: “There definitely seems to be an inverted head and shoulders pattern on the LEFT.”
2 analysts bullish for Solana (SOL)
Cantering Clark, a famous cryptocurrency analyst on Twitter, also supports his Ethereum rival. Accordingly, the pseudonymous crypto analyst is expecting bullishness for Solana. Clark made his views known to his 140,500 Twitter followers. According to him, with the right market conditions, it is possible for the SOL to break out of the diagonal and horizontal resistances. Also, if this happens, the altcoin has the potential to make a big rally. The analyst explains this as an exit from the aforementioned resistances has the potential to help the bullish rally. According to him, if the market continues the pressure on ETH, it is possible for SOL to go higher. There are a lot of open positions in altcoin. These positions were tagged while falling from the $50-40 band. According to Clark, it is possible for the altcoin project to bottom out in a short time. It looks like it will break after that.
Pentoshi, another cryptocurrency analyst, is also looking bullish for Solana. The analyst spoke to his 587,000 Twitter followers about SOL last week. According to him, the altcoin has massive bullish potential if it breaks the $42 resistance. The analyst suggests that the $58-60 band or even $80 is possible. At the time of writing, SOL has seen a 13% increase in the last 24 hours. As we reported as Kriptokoin.com, the increase was over 38% in the last 7 days.
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