Former Goldman Sachs executive Raoul Pal believes Ethereum (ETH) competitor Solana (SOL) will usher in a “crypto summer” next year.
The macroeconomic expert tells his 996,800 followers on the social media platform X that Solana is forming a classic bullish pattern that could eventually lead to a more than 86% increase from its current value.
“Let’s see, but it feels like SOL is going to lead us from ‘crypto spring’ eventually into ‘crypto summer’ in 2024.”
A “crypto summer” generally means increased prices, higher trading volume, bullish market sentiment, more network development and wider adoption.
The trader says SOL appears to be completing an inverse head-and-shoulders pattern, a bullish indicator that could send SOL to the $30 level before a move to $50.
“SOL: I’ve been extremely bullish all year. It’s up 171% this year and we are about to test the big inverse head and shoulders at $30. Next major resistance would likely be $50, once confirmed.”
Looking at his chart, the trader is looking for SOL to break out of the $26.79 level, flipping it into support, to maintain the possible bullish reversal.
The trader also says that Solana is showing strength against Ethereum.
“It has broken out versus ETH.”
The SOL/ETH pair is trading for 0.0167 ETH ($26.84) at time of writing.
Solana is making gains against against Bitcoin (BTC) as well. The SOL/BTC pair is worth 0.000911 BTC at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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