Is Solana A Good Buy? Finance CEO Predicts ‘Magnificent’ Autumn Rally
June 19 2024 - 10:00AM
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Raoul Pal, the co-founder and Chief Executive Officer (CEO) of Real
Vision, a financial media platform, has indicated that Solana is on
the brink of reversing its bearish trends. The financial expert has
predicted a “magnificent autumn rally” for the cryptocurrency in
this market cycle. Solana To Witness Major Autumn Rally
Solana’s recent downward trend could potentially signal a great
buying opportunity for investors who remain optimistic about the
cryptocurrency’s future outlook. Being a popular supporter and
long-term investor of Solana, Pal has expressed confidence in the
cryptocurrency’s ability to witness a major price increase
soon. Related Reading: Bitcoin Price Drops Below
Critical Support Level Following Rejection At $70,000 In an X
(formerly Twitter) post on June 18, Pal highlighted Solana’s
present market dynamics, sharing a detailed price chart of the
cryptocurrency, depicting its price movements from July 2023 to
July 2024. The analyst described Solana’s price actions as a
“banana” that was slowly “ripening,” emphasizing the
cryptocurrency’s steady rise to peak value. He also underscored the
cryptocurrency’s significant growth potential and performance
amidst market downtrends, highlighting Solana’s ability to witness
a “magnificent” rally in the upcoming autumn season. In this
context, the autumn season signifies a cryptocurrency season
characterized by a surge in market capitalization followed by
initial signs of market weakness, as investors take profits and
volatility increases. Typically, crypto autumn precedes the winter
season which is the harshest period in the market where bears
attack and cryptocurrency prices fall dramatically. Pal has
suggested that investors who wish to add more SOL to their existing
holdings can do so during this period to take advantage of
potential buying opportunities. He portrayed Solana’s present
price as a prime entry point for crypto investors to position
themselves before an impending rally. However, a few crypto
community members expressed skepticism about Pal’s predictions,
including crypto analyst, Jerry Jordan who queried about the
timeline for this projected “banana season.” Responding to
Jordan’s comment, Pal acknowledged that while a banana season for
Solana was inevitable, ongoing market volatility makes the timeline
for its projected surge uncertain. He emphasized that Solana will
need to break out of its current sideways consolidation before it
can witness a significant price increase. Sharing Pal’s
bullish sentiments for Solana, popular crypto analyst, Ali Martinez
has disclosed a key support zone at $141 for the cryptocurrency. He
revealed that Solana’s TD Sequential was showing a major buy signal
on its daily chart, predicting a possible rebound if the
cryptocurrency holds the aforementioned support level. SOL
Price Fundamentals Remain Strong Amidst Downturn The price of
Solana has been on a major downward trend lately, recording a
significant 19.84% decline since the beginning of the month.
Despite the market’s volatility, the price of Solana has continued
to maintain a value above $135, underscoring its strong price
fundamentals amidst wavering market conditions. Related
Reading: Shiba Inu To The Moon: Analyst Predicts A Run Above
$0.00015 If This Happens According to CoinMarketCap data, Solana is
trading at $139.78, reflecting a 0.31% surge in the last 24 hours.
The cryptocurrency is steadily pushing toward the $150 threshold
despite witnessing an 8.44% decline over the past seven days.
Featured image created with Dall.E, chart from Tradingview.com
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