Solana (SOL) ready to initiate a new rally, according to Raoul Pal

Raoul Pal, the founder of Real Vision, former Goldman Sachs executive, and macroeconomics expert, recently shared his optimism about Solana (SOL) in the latest edition of the Global Macro Investor (GMI) newsletter. Drawing on his technical analysis expertise, Pal remains convinced that Solana is on the verge of a significant uptrend.

The reversal of Solana’s trend

Solana (SOL), a cryptocurrency that competes with Ethereum (ETH) and currently ranks 11th in terms of market capitalization, seems to have completed its consolidation period and is gearing up for a bullish trend.

Let’s go back in time to understand Solana’s evolution. In November 2021, its price reached dizzying heights, nearly touching $260, giving investors a sense of power. But since then, a steep plunge followed, causing the price of the SOL token to drop to nearly $20. In other words, a devaluation of about 92.6%. However, all hope is not lost.

Raoul Pal, the former Goldman Sachs executive and macroeconomics expert, remains upbeat and optimistic about Solana’s future. According to his analysis, this cryptocurrency is currently in a consolidation phase after successfully breaking out of the inverse head and shoulders pattern, signaling a trend reversal.

Solana looks like it’s getting ready to make its next move higher after a period of consolidation following the inverse H&S breakout in April. Solana was a big bet at GMI this year and is up nearly 150% YTD…

Raoul Pal

Indeed, since the start of 2023, Solana has been following a general upward trend. Its price has gone from $9.87 to $19.50 at the time of writing this article, representing a growth of approximately 120%.

Predictions on global stocks

In addition to Solana, Raoul Pal also discusses global stocks in his newsletter. According to him, these stocks appear ready for a rebound, forming a bullish pattern.

In particular, if the All Country World Index (ACWI) manages to break through a key resistance level, global stocks could reach new highs. The ACWI index measures the performance of large and mid-cap stocks in developed and emerging markets.

Global equities just look like the mirror image of the DXY and appear to be forming a large head-and-shoulders bottom. We’re very close to a potential breakout now and the small bullish pennate that has formed on the right shoulder looks like just the boost needed to get us over the line. If we break 94, the measured move is new highs…

Raoul Pal

However, it is important to note that these statements do not constitute investment advice in any way. It is crucial to conduct your own thorough research before venturing into the world of cryptocurrencies. Before acquiring your first cryptos, take the time to educate yourself, analyze trends. And understand the potential risks associated with them.