Renowned global macro investor Raoul Pal recently shared valuable insights into the current state of the cryptocurrency landscape and offers a glimpse into what 2024 may bring.
Pal’s insights are particularly timely given recent market volatility. We broke down all the details of what he had to reveal. Read more.
A quiet but positive landscape
Despite the apparent lull in the crypto and traditional markets due to reduced liquidity, Pal highlights that the cryptocurrency domain has seen substantial growth of 50-100 percent this year. However, broader sentiment is less enthusiastic due to the market’s stagnant performance since April.
Will the banks play a role?
Current market conditions are influenced by the monetary policies of central banks. With signs of a slowing economy, rising unemployment and falling inflation, changes to these policies are anticipated. Pal predicts that central banks could halt rate hikes, pause quantitative tightening and even consider rate cuts as 2024 approaches. This changing attitude towards liquidity could change the financial momentum in the coming year.
Also read: Ripple is confident in the adoption of XRP by US banks for cross-border transactions!
Why is Solana a favorite?
Pal also commented on Solana’s significant integration with Visa’s blockchain transactions pilot. He attributed Solana’s success to its fast transaction capabilities and its differentiation from Ethereum.
Furthermore, Solana’s collaborative and inclusive ecosystem, led by influential figures like Tolly, fosters a dynamic environment for developers and users alike. This synergy has enabled Solana to consistently deliver exceptional performance, especially in a volatile and rapidly evolving market.
Solana (SOL) Price Analysis
At the time of writing, the Solana price stands at $19.23 and is in the red on the weekly chart. Solana has had a wild price rise in 2023, reaching an annual high of $32.13 in July before falling. This week, the price fell to $18, a key price level that has often served as a safety net this year, except for a brief period in June.
Also read: Can Solana survive FTX’s liquidation? Analyst warns of crash to $5
Looking at the weekly trends, there are signs that the price could continue to fall as the Relative Strength Index (RSI) is also falling. However, if we zoom in on the daily chart, things look a little rosier. The price of SOL has risen again from a rising support line for the third time this year.
