- Solana is pegged to be the next altcoin to rally, emulating the price movement of Ethereum in 2018.
- Investors keen on taking profits are buying at the current price of $24 with increasing volumes suggesting that a significant move is on the horizon.
A prominent analyst and ex-Goldman Sachs executive is interested in Solana. Raoul Pal who shares critical insights and analysis into the crypto market has recently predicted Solana (SOL) to copy the price pattern set by Ethereum (ETH) in 2018.
Solana is currently enjoying a winning streak, enjoying a 7 percent surge in the last 7 days. At the time of press, although its price is moving sideways, its 12 percent increase in trading volume suggests a significant move is imminent.
According to Pal, Solana is mirroring Ethereum on its bear market of 2018 and 2019. The former executive who was speaking in an interview continued to explain that Solana will also see the dramatic rally that followed for Ethereum in the months and years after. Pal has further revealed that SOL makes up his second biggest crypto portfolio investment and has clearly put his money where his mouth is.
It’s still my second largest holding. I really like it. It reminds me of ETH in 2018-2019. I think there’s a huge amount of activity. I think [Solana founder Anatoly Yakovenko] has proven himself to be one of the better leaders and thinkers in this space, kind of in the Vitalik [Buterin] mode. I think the developer activity is great. I think on-chain activity is great. The Innovation is great. So, there is a probabilistic outcome that it does well.
Pal is not only bullish on Solana but is confident of the setup of the entire crypto market. The analyst views this as an opportunity of a lifetime to take profits.
I’ve seen what I think is the biggest macro setup of all time, which is the exponential age meets crypto meets quantitative easing. Those are so explosive and I think it repeats over the next few years, but I want to have all of my excess savings in that. Because it’s a once-in-a-lifetime opportunity to me.
For the most part of the year, Solana has been an unwilling victim, partly because of the bearish market and partly because of its association with the collapsed FTX crypto exchange. FTX CEO Sam Bankman-Fried was a fan of Solana and his exchange was holding large sums of Solana. In the past, the project has also suffered from outages which have cast doubt over its future success.
In August of 2021, Solana reached its all-time high of just over $250, some analysts expect the altcoin to revisit during the next true bull run. Looking at the current view and price of Solana, this is a clear opportunity for investors to fill their bags with their exposure limited and potential to multiply their investment great.
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