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.”

Source: Raoul Pal/X

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.”

Source: Raoul Pal/X

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.

Generated Image: Midjourney

The post Ethereum Rival Solana Will Usher In ‘Crypto Summer’ in 2024, Says Macro Guru Raoul Pal – Here’s His Outlook appeared first on Crypto News Australia.

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Filed under: Bitcoin - @ October 20, 2023 6:23 pm