As the price of Solana (SOL) remains relatively stable at $21, macroeconomics specialist and former Goldman Sachs executive Raoul Pal has issued a daring forecast for the cryptocurrency. As of the time of this publication, the price of Solana has gone up by 2.8% in the last twenty-four hours but has gone down by 8.16% in the last seven days.
Raoul Pal’s Wild Prediction for SOL
According to Pal, he anticipates that the currency will reach $1,000 before the conclusion of the current cycle. He also said that it might simply go up to $500, but he is really bullish about SOL regardless of this possibility.
Because sellers controlled the market throughout the day, the most recent price analysis for Solana reveals a major negative trend in the underlying market. After the price reached a new low, support emerged, and now the bulls are working to push the price levels back up to where they were before.
On January 30, the price of SOL fell below an ascending support line that was shown on a short-term chart that is six hours in length. Afterward, on February 2nd, it was confirmed that there was resistance. Since then, the price has decreased.
In addition, it seems that the price is trading down, and there is overall selling pressure, both of which are very negative developments for the cryptocurrency. If the current pattern of selling continues, one should prepare for the possibility of more price erosion in the future.
A four-hour Solana price analysis shows that the market is still being pressured by bears, and the bulls are struggling to take control. Prices are still trending down, although bulls have made a comeback in the last day.
In spite of recent weakness, the price remains well above its 20-day moving average of $21.46. We may expect future price movement to be optimistic due to the comparatively high volatility.
Source: https://coinpedia.org/altcoin/top-macro-expert-makes-bold-prediction-about-solana-sol-1000-by-the-end-of-this-cycle/