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While uncertainties in cryptocurrencies continue and in light of alarming data from the USA, a new interest rate decision is announced, eyes seem to turn to statements made by key figures in the market. In this context, former Goldman Sachs executive Raoul Pal believes that the current market cycle has reached the “crypto summer” phase and that two classes of altcoins could host absurd price increases.
Famous Figure’s Crypto Comments
Recently, Pal told his followers and users on the social media platform X that during the upcoming bull cycle in cryptocurrencies, projects related to artificial intelligence (AI) and tokenized real-world assets (RWA) could move parabolically.
A “crypto summer” can generally be interpreted as rising prices and higher trading volumes. Pal comments on the matter:
However, Crypto Summer and Autumn will be confusing because everything will have a narrative and get caught up in the excitement. This is the time when memes really dumb down in price, and unproven narratives like AI and RWA go to foolish valuations.
Will Solana Outperform Bitcoin and Ethereum?
Additionally, the famous figure commented on Ethereum (ETH), believing that ETH could perform better than Bitcoin‘den (BTC) during this period, while Solana’s (SOL) performance could surpass both Bitcoin and ETH.
Crypto summer is often the beginning of the ‘bubble-tastic’ alt season in autumn. This is when ETH bottoms out and starts performing better than BTC. This is when SOL begins to outperform BTC and ETH.
The macro investor also maintains an optimistic outlook on the crypto markets, although he comments that it is hardly possible for cryptocurrencies to move in a straight line to all-time highs.
We will also see two or more severe corrections due to excessive leverage.
Pal had previously made a statement indicating that Bitcoin and altcoins were approaching a period of parabolic rallies that could pave the way for higher levels. In the coming days, we will see where this statement can lead.
