Macro guru Raoul Pal says that Ethereum (ETH) competitor Solana (SOL) will not be performed rallying even after hovering in latest weeks.
In a brand new version of Pal’s International Macro Investor (GMI) e-newsletter, the previous Goldman Sachs government 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 every of our core trades at GMI (International Macro Investor) this 12 months and has labored out very well.”
Nonetheless, he warns that SOL will seemingly retrace after the sudden surge primarily based on the relative energy index (RSI), a broadly 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 should always anticipate 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 primarily based on SOL’s broader historic worth 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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