Macro guru Raoul Pal says that Ethereum (ETH) competitor Solana (SOL) shouldn’t be executed rallying even after hovering in latest weeks.
In a brand new version of Pal’s International Macro Investor (GMI) publication, the previous Goldman Sachs govt says that Solana entered an uptrend after breaking out of a traditional bullish sample.
“SOL broke out from its inverse head-and-shoulders final month and is now up over 475% year-to-date. This has been one in all our core trades at GMI (International Macro Investor) this 12 months and has labored out very well.”
Nonetheless, he warns that SOL will probably retrace after the sudden surge based mostly on the relative power index (RSI), a extensively used momentum indicator that goals to find out if an asset is overbought or oversold.
“Quick-term, SOL is overbought with an RSI of 89 (highest since September 2021), so we must always count on to see some promoting stress quickly. This could not shock anybody – we’re up 240% in two months!”
Zooming out, Pal expects Solana to proceed rallying based mostly on SOL’s broader historic value sample.
“However then you definitely take a look at this [chart] and notice it’s ALL nonetheless to play for.”
He additionally means that the overall market capitalization of Solana and different altcoins is in an uptrend after breaking out of a bullish falling wedge sample.
“And this chart too. Blimey.”
Solana is buying and selling for $52.53 at time of writing, down 6.3% within the final 24 hours.
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