Renowned ex-Goldman Sachs executive Raoul Pal, also known for the crypto-video company Real Vision, has declared his bullish outlook for Solana (SOL), a popular altcoin among investors, based on technical analysis. Here’s what the analyst has to say about SOL.
Commentary on Solana’s Potential Upswing
In this week’s Global Macro Investor (GMI) newsletter, Raoul Pal stated that Solana, seen as a competitor to Ethereum (ETH) and ranked as the 11th largest cryptocurrency by market value, is poised for an upward move.
The macro expert noted that Solana has entered accumulation mode following the completion of a formation that indicates a shift from a downtrend to an uptrend. He elaborated:
Solana appears to be gearing up for its next move following the accumulation period that began after the breakout of an inverse head and shoulders pattern in April. Solana has been a significant asset in the GMI, yielding substantial gains this year, with a rise of approximately 150% to date.
Predicting Global Stocks Rally
Following his discussion about the popular altcoin SOL, Pal shifted his attention to stocks, suggesting that global stocks seemed on the verge of rallying with the formation of a bullish pattern.
According to the macro guru, should a significant resistance level in the All Countries World Index (ACWI) be breached, a new peak in global stocks could be recorded. For the uninitiated, the ACWI index measures the performance of large and mid-cap stocks in both developed and emerging markets.
Global stocks seem to mirror the DXY (US dollar index) and appear to form the bottom of a large inverse head and shoulders pattern. Currently, they are very close to a potential breakout, and the small bullish pennant forming on the right shoulder seems to provide the support needed to break the formation’s line upwards. If it breaks 94, new peaks will be recorded in the measured move.
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