Markets
Cryptocurrency Is Poised to Overtake Bitcoin, Says Crypto Expert
Cryptocurrency analyst and macroeconomics expert Raoul Pal predicted a significant increase for Solana SOL/USD, Expecting Outperformance Bitcoin BTC/USD Exchange Rate in the current cycle.
What happened: In a video On YouTube on Friday, Pal pointed out that Solana is showing a classic bullish inverse head and shoulders (I-HNS) pattern against Bitcoin.
“It’s a head-and-shoulders, cup-and-handle, whatever the hell it is, inverse killer. It’s suggesting there’s a very big move coming in this cross, which means Solana will greatly outperform,” Pal said.
An I-HNS pattern is a bullish technical formation. The right shoulder indicates that investors are eager to accumulate the asset without waiting for the price to drop to its previous low.
Pal also hinted at a bullish trend for Solana that could lead to a price target of $265, representing a gain of over 45% from the current value.
According to Pal’s chart analysis, Solana flipped a triangle pattern’s diagonal resistance into support. Last month, he said the cryptocurrency market was approaching the “Banana Zone,” a period of sustained uptrend for Bitcoin and other digital assets.
“Solana, well, it’s breaking out. It’s retesting that breakout. That’s what it’s been doing the last couple of days. It looks wonderful. We want to see that kind of thing, because the test, retest of the breakout, a little bit of sideways consolidation, it gives you banana power, which is all we’re interested in,” he added.
Pal’s bullish forecast for Solana is significant. His analysis suggests that Solana’s current pattern could lead to a substantial price increase, which would be a notable development in the cryptocurrency market.
Furthermore, his “Banana Zone” prediction indicates a potential uptrend not only for Bitcoin but also for other digital assets.
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