Story Highlights
Solana is experiencing a robust comeback, doubling its Total Value Locked (TVL) since the beginning of 2023.
Raoul Pal predicts a bullish future for Solana, foreseeing potential peaks during the next bull market.
Analysts envision a future crypto market hierarchy with Bitcoin leading, followed by Ethereum, and then Solana.
The Resilient Rise of Solana
Despite recent challenges, Solana is bouncing back with strength. This year, it achieved a perfect 100% uptime and nearly doubled its Total Value Locked (TVL) from $210 million to $415 million since the start of 2023, regaining attention in the crypto world.
After the setback following the SBF verdict, Solana (SOL) experienced a temporary decline, losing over 5% and 12%. However, things started looking up as SOL’s price formed an upward trend. Solana broke the $28.16 resistance for the first time since July.
As the industry shifts focus from past issues, including the FTX/Alameda incident, and anticipates the next Bitcoin halving in 2024, the question arises: what does the future hold for Solana? Analysts predict better times for Solana. Can it surpass Bitcoin and ETH?
Raoul Pal’s Optimistic Vision
Raoul Pal, a former Goldman Sachs executive, expressed high expectations for Solana (SOL) in a recent interview on the Crypto Banter YouTube channel. He believes that during the next bull market, Solana could reach the peak, potentially ranging between 1,097% and 2,294% from its current levels. Presently, Solana is trading at $41.76, marking an impressive 300% increase since the beginning of 2023.
“My idea is somewhere between $500 and $1,000, just depending [on] what that market feels like,” Pal stated.
The Future Crypto Market Hierarchy
Analysts foresee a future crypto market hierarchy with Bitcoin leading, followed by Ethereum, and then Solana. However, they also acknowledge the potential for a surprise rise in another digital asset, although they don’t specify which one. Pal emphasizes the ease of making a macro bet on Solana due to its evident strengths, including resilience during crises, successful launches, ongoing technological advancements, and a strong, engaged community.
Solana’s Price Predictions and Challenges
The outlook for SOL, the 7th largest token, is at a critical juncture. If it manages to break the $42.50 resistance, it could climb to $46.83 and potentially reach $50. Conversely, a drop below the support trendline could lead to a decline to $38.77 and even $33.29. However, in the face of crypto market uncertainty, SOL could experience a significant drop, possibly testing $24.25. Investors are closely watching these levels for potential changes in SOL’s price direction.
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