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Macro guru and Real Vision CEO Raoul Pal believes that Solana (SOL) will furiously outpace Bitcoin (BTC) this cycle.
In a new YouTube strategy session, Pal says that Solana could be printing a classic bullish inverse head and shoulders pattern (I-HNS) pattern against Bitcoin.
“That’s a killer inverse head and shoulders, cup and handle, whatever it is. It’s suggesting there is a very big move to come in this cross, meaning Solana is going to outperform a lot. That is a typical signature of crypto summer, which is 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 the asset without waiting for the price to drop to its previous low.
SOL/BTC is trading for 0.002688 BTC ($182) at time of writing, up more than 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 more than 45% gain from the current value.
“Solana, well, it’s breaking out. It’s retesting that breakout. That’s what it’s been doing the last couple of days. Looks beautiful. We want to see this kind of stuff, because test, retesting of breakouts, bit of sideways consolidation, brings you the power of the banana, which is all we care about.”
Looking at his chart, Pal suggests Solana has flipped the diagonal resistance of a triangle pattern into support.
Last month, the macro guru said that crypto is inching closer toward the “Banana Zone” or a period of sustained uptrend for Bitcoin and the rest of the digital asset market.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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