Raoul Palthe co-founder and chief executive officer (CEO) of Real Vision, a financial media platform, has indicated that Solana is about to reverse its downtrends. The financial expert predicted a “magnificent autumn rally” for the cryptocurrency this market cycle.
Solana Will Witness Big Fall Rally
Solana’s recent downward trend could potentially signal a great buying opportunity for investors who remain optimistic about the future prospects of cryptocurrency. Be a popular supporter and long-term investor of SolanaPal expressed confidence in the cryptocurrency’s ability to witness a major price rise soon.
Related Reading
In an X (formerly Twitter) publish On June 18, Pal highlighted Solana’s current market dynamics by sharing a detailed price chart of the cryptocurrency depicting its price movements from July 2023 to July 2024. The analyst described Solana Price Actions like a “banana” that was slowly “ripening”, emphasizing the constant rise of the cryptocurrency to its maximum value.
He also highlighted the significant importance of cryptocurrency growth potential and performance amid market downtrends, highlighting Solana’s ability to witness a “magnificent” recovery in the upcoming fall season. In this context, the fall season means a cryptocurrency season characterized by a rise in market capitalization followed by early signs of market weakness as investors take profits and volatility increases.
Typically, crypto autumn precedes the Winter which is the most difficult period in the market, where bears attack and cryptocurrency prices fall drastically. Pal suggested that investors looking to add more SOL to their existing holdings can do so during this period to take advantage of the potential purchasing opportunities.
He portrayed Solana’s current price as a main entry point for crypto investors to position themselves ahead of an imminent recovery. However, some members of the crypto community have expressed skepticism about Pal’s predictions, including crypto analyst Jerry Jordan, who questioned about the schedule for this projected “banana season”.
Responding to Jordan’s comment, Pal recognized that although a banana season for Solana was inevitable, continued market volatility makes the timeline for its projected increase uncertain. He emphasized that Solana will need to get out of the mainstream. side consolidation before it can witness a significant price increase.
Sharing Pal’s bullish sentiments towards Solana, popular crypto analyst, Ali Martinez released a main support zone at $141 for the cryptocurrency. He revealed that Solana’s TD Sequential was showing a major buy signal on its daily chart, predicting a possible recovery if the cryptocurrency maintains the aforementioned support level.
SOL Price Fundamentals Remain Strong Amid Recession
Solana’s price has been booming downward trend lately, recording a significant drop of 19.84% since the beginning of the month. Despite market volatility, the Solana price continued to maintain a value above $135, highlighting its strong price fundamentals amid unstable market conditions.
Related Reading
According to data from CoinMarketCap, Solana is trading at $139.78, reflecting a 0.31% increase in the last 24 hours. The cryptocurrency is steadily inching towards the $150 threshold despite witnessing an 8.44% rally. decline in the last seven days.
Featured image created with Dall.E, chart from Tradingview.com