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Renowned macro investor and crypto analyst Raoul Pal sparked enthusiasm in the cryptocurrency community with his recent prediction regarding Solana (SOL), the fourth-largest cryptocurrency by market cap.
Raoul Pal, founder and CEO of Real Vision Group, has forecast that Solana is poised to reach all-time highs against Bitcoin. "Next aim for SOL is the all-time high vs. BTC, having just broken its all-time high vs. ETH," Pal remarked in a tweet.
This coincided with a time when SOL's price was falling, making Pal's forecast all the more remarkable.
The SOL price dipped for the second day in a row following Bitcoin's price drop at the start of the week. Bitcoin began to fall in the late hours in the U.S. on Monday, with Grayscale's GBTC seeing record withdrawals of more than $640 million. Major cryptocurrencies plummeted, with SOL down as much as 15%.
While long bets on Bitcoin lost $135 million in the last 24 hours, long liquidations on Solana amounted to $26 million, according to CoinGlass statistics.
At the time of writing, SOL was down 13.33% in the last 24 hours to $177, albeit higher by 16% weekly.
Pal, known for his macroeconomic insights, previously predicted an impressive rally for Solana against Ethereum on March 13: "SOL/ETH is looking like a breakout after a perfect consolidation.SOL is likely to take the lead again soon."
True to form, Solana gained strength in its Ethereum pairing, posting a seven-day win streak that culminated in an all-time high of 0.059 ETH on March 18.
SOL also reached new yearly highs of $209 in its USD pairing on March 18 before profit-taking ensued.
Alex Dovbnya
Valeria Blokhina
Vladislav Sopov
