Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
As the cryptocurrency market plummets, Raoul Pal, the founder and CEO of Real Vision, has delivered an epic prediction for Solana (SOL), likening its potential growth to bananas that are "slowly ripening, but should be magnificent in the autumn."
Pal, in a recent tweet, shared his take on the recent Solana price action. "The bananas are slowly ripening...but should be magnificent in the autumn," he metaphorically stated, indicating his belief in a substantial future price upswing for SOL.
In light of the recent market downturn, Pal suggested that the current price drop might present a buying opportunity for those looking to increase their holdings of Solana. "If you wanted a cheeky top-up of your SOL position, this would likely be a good entry zone," he noted.
Solana prices fell further Tuesday, reaching intraday lows of $128, following a decline on Monday. At the time of writing, SOL was down 5.08% in the last 24 hours to $136 and down 11.46% in the previous week.
Tomiwabold OlajideDespite the market's bearish trend, Pal's projection suggests that Solana could be poised for a significant rebound. Pal had earlier predicted the advent of "banana season" for Solana. Referring to his earlier statements, Pal stated: "I always said that its coming but we dont know when exactly as the sideways consolidation needs to break first."
SOL price action
Crypto markets plunged into a sea of red on Monday, with several cryptocurrencies losing more than 10%. The falls continued into Tuesday's trading day, with the bulk of cryptocurrencies still trading in the red at press time. The cryptocurrency market capitalization has dropped to $2.34 trillion, a 2.08% decrease in the last 24 hours.
Solana fell to lows not seen since mid-April, momentarily falling below the crucial support of the daily SMA 200 at $130 before marginally rebounding.
In the event of further price declines, bears may target a drop to the critical support at $116. This level has previously provided solid support, and the bulls will attempt to defend it again.
On the other hand, if the price rebounds, a break above $157 or the daily SMA 50 barrier might prompt SOL to escape range trading in the short term.
Alex Dovbnya
Arman Shirinyan
Dan Burgin