Macro guru and Real Vision CEO Raoul Pal believes Solana (SOL) will furiously outperform Bitcoin (BTC) this cycle.
In a new YouTube strategy session, Pal say that Solana could print a classic bullish inverse head-and-shoulders (I-HNS) pattern against Bitcoin.
“That’s a killer reverse head and shoulders, head and handle, whatever it is. It suggests that there is a very big step in this cross, which means that Solana will perform much better. That is a typical feature of the crypto summer, the altcoin season.”
An inverse head and shoulders pattern is a technical formation with bullish implications, as the right shoulder suggests that bulls are willing to accumulate assets without waiting for the price to fall to the previous low.
SOL/BTC is trading at 0.002688 BTC ($182) at the time of writing, up over 2.7% in the last 24 hours.
He also suggests that Solana is printing a bullish pattern that could lead to a price target of $265, a gain of more than 45% from today’s value.
“Solana, well, it’s breaking out. It’s retesting that outbreak. That’s what it has done in recent days. Looks nice. We want to see stuff like this because testing, retesting pimples, a little side consolidation gets you the power of the banana, and that’s all we care about.
Looking at his chart, Pal suggests that Solana has turned the diagonal resistance of a triangle pattern into support.
Last month, the macro guru said crypto is moving closer to the “Banana Zone,” or a period of sustained uptrend for Bitcoin and the rest of the digital asset market.
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