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Raoul Pal forecasts continued price growth for Solana (SOL), driven by recent ETF filings and its impressive surge to an all-time high of $258.81.
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The surge is fueled by increasing institutional interest from firms like VanEck and 21Shares, along with active user engagement reaching 134.60 million.
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Pal notes that if the upward buying momentum persists, SOL could potentially surge to $300; however, failing to maintain $235.91 support might lead to a drop to $215.21.
Raoul Pal has a bullish outlook on Solana (SOL), suggesting potential price increases driven by ETF filings and rising demand from institutional investors.
Pal Expects Solana to Continue Climbing
Raoul Pal, renowned crypto investor and founder of Real Vision, has expressed a strong conviction about Solana’s future, stating that the recent price surge signifies the beginning of a compelling upward trajectory. After doubling its previous high, Pal emphasizes that SOL is far from peaking, indicating that we may be witnessing the dawn of a significant price rally.
“SOL — been quite the ride so far from the low to new all-time highs. Plenty more to go,” Pal shared on X, validating his optimistic view.
This prediction aligns with Pal’s historical insights — since the collapse of FTX in 2022, he has been vocal about Solana being fundamentally undervalued, especially following its dip to alarming lows of around $8.
Moreover, the current bullish sentiment is bolstered by recent ETF filings from major asset management firms like VanEck and 21Shares, aimed at creating Solana-focused exchange-traded funds. This institutional interest can significantly heighten mainstream awareness and demand for the digital asset.
In addition to institutional traction, Solana’s retail investor base is also witnessing an impressive uptick. Data from Token Terminal indicates that Solana’s active users surged to 134.60 million, illustrating a broadening interest in the ecosystem.
Solana Monthly Active Addresses. Source: Token Terminal
The increase in active addresses engaging with SOL points toward robust activity and adoption, both essential signs suggesting a positive long-term outlook for the cryptocurrency.
SOL Price Prediction: $300 Looks Feasible
Analyzing Solana’s daily price chart reveals the altcoin is currently priced at $258.81, after forming a bullish inverse head-and-shoulders pattern. This chart configuration typically indicates a reversal from a downtrend to a promising uptrend.
The neckline, which connects the highs of two troughs, marks a significant resistance area. A breach of this neckline usually signifies confirmation of the reversal, often with heightened trading volume.
Solana Daily Analysis. Source: TradingView
This breakout suggests that if buying pressure remains strong, SOL could realistically target the $300 mark in the immediate future. However, traders should remain vigilant; should the price fail to hold above the $235.91 support level, a corrective move toward $215.21 might occur.
Conclusion
In summary, Raoul Pal’s bullish stance on Solana reflects the cryptocurrency’s potential for significant price appreciation, spurred by continued institutional interest and growing retail participation. The current market dynamics present both opportunities and challenges, emphasizing the importance of careful market analysis to navigate potential price fluctuations effectively.
