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Solana (SOL) and Altcoins Still Have Massive Room To Rally, According to Macro Guru Raoul Pal

November 14, 2023
in Altcoin
Reading Time: 6 mins read
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Macro guru Raoul Pal says that Ethereum (ETH) competitor Solana (SOL) isn’t achieved rallying even after hovering in current weeks.

In a brand new version of Pal’s International Macro Investor (GMI) publication, the previous Goldman Sachs govt says that Solana entered an uptrend after breaking out of a basic bullish sample.

“SOL broke out from its inverse head-and-shoulders final month and is now up over 475% year-to-date. This has been considered one of our core trades at GMI (International Macro Investor) this yr and has labored out very well.”

Supply: Raoul Pal/Substack

Nonetheless, he warns that SOL will seemingly retrace after the sudden surge based mostly on the relative power index (RSI), a broadly used momentum indicator that goals to find out if an asset is overbought or oversold.

“Brief-term, SOL is overbought with an RSI of 89 (highest since September 2021), so we must always count on to see some promoting strain quickly. This could not shock anybody – we’re up 240% in two months!”

Supply: Raoul Pal/Substack

Zooming out, Pal expects Solana to proceed rallying based mostly on SOL’s broader historic worth sample.

“However then you definately take a look at this [chart] and notice it’s ALL nonetheless to play for.”

Supply: Raoul Pal/Substack

He additionally means that the whole market capitalization of Solana and different altcoins is in an uptrend after breaking out of a bullish falling wedge sample.

“And this chart too. Blimey.”

Supply: Raoul Pal/Substack

Solana is buying and selling for $52.53 at time of writing, down 6.3% within the final 24 hours.

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Disclaimer: Opinions expressed at The Day by day Hodl usually are not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal threat, and any loses you might incur are your duty. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Day by day Hodl an funding advisor. Please word that The Day by day Hodl participates in internet affiliate marketing.

Featured Picture: Shutterstock/Shacil/WhiteBarbie



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Tags: AltcoinsGuruMacromassivePalrallyRaoulRoomSOLSolana
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