Former Goldman Sachs executive and macro expert Raoul Pal is expressing a bullish sentiment towards a major Ethereum (ETH) competitor. Pal, who has a substantial following on the social media platform X, recently shared his optimism about Solana (SOL), highlighting the potential for a significant uptrend in the near future.
According to Pal, the weekly chart for Solana shows an extremely bullish pattern, with the digital asset poised to accelerate once it breaks higher. The chart indicates that Solana has broken out of a descending channel and is now targeting to surpass the resistance level above the all-time high price of just over $260. Currently, Solana is trading at $240.
Moving on to Ethereum, Pal predicts a spectacular rally if the digital asset manages to break out above the upper boundary of a symmetrical triangle pattern on the weekly chart. The former Goldman Sachs executive notes that a symmetrical triangle pattern is typically bullish when the price breaks out of the upper border. Ethereum is currently priced at $3,913.
Pal suggests that Ethereum has two potential paths ahead – it may pull back to gather steam before making a breakthrough, or it could surge straight through the resistance level. The outcome will largely depend on market dynamics and investor sentiment in the coming days.
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In conclusion, Pal’s bullish outlook on Solana and Ethereum underscores the potential for significant price movements in the near future. As the crypto market continues to evolve, keeping a close eye on key indicators and technical analysis can help investors navigate the volatile landscape and capitalize on emerging opportunities. Stay tuned for more updates and analysis from industry experts like Raoul Pal to stay ahead of the curve in the fast-paced world of digital assets.