Raoul Pal, the former executive of Goldman Sachs and founder of Real Vision, has stated that he expects Solana (SOL), the leading smart contract platform and strongest competitor to Ethereum (ETH), to continue its rise. The renowned cryptocurrency advocate also expects the increasing adoption of the cryptocurrency market to continue to demonstrate strength.
“Solana Will Maintain Its Momentum”
In a blog post, Pal mentioned that Solana has broken out of a downward channel and anticipates it to outperform the largest altcoin, ETH, in the future. Pal emphasized the significance of the breakthrough in the SOL/ETH pair, as Solana has experienced a surprising 30% increase last month and an impressive 150% increase since the beginning of the year. He expects the altcoin to maintain this momentum.
According to CoinMarketCap data, SOL has maintained its strong position despite a 7% decrease in the past 7 days. At the time of writing, the leading altcoin is trading at $23.12, experiencing a 2.22% decline in the last 24 hours.
Expecting a Substantial Increase in Cryptocurrency Adoption
Furthermore, Pal believes that the entire cryptocurrency market will outperform other asset classes in the current cycle. Real Vision’s CEO attributes this performance to broader global adoption and the ongoing depreciation of fiat currencies. He also believes that the Securities and Exchange Commission’s (SEC) approval of a spot-based Bitcoin exchange-traded fund (ETF) will have a potentially strong impact on the cryptocurrency market. According to him, this impact will propel the cryptocurrency market to even greater heights.
Pal emphasizes the current usage of 421 million cryptocurrency wallets, which has increased by 40% compared to the previous year. He predicts that this number will reach 1 billion in the coming years. According to the CEO of Real Vision, reaching this level of wallet usage will serve as a significant indicator that the cryptocurrency market has been widely embraced.
Pal also views central bank digital currencies (CBDCs) as a form of blockchain technology adoption, which further strengthens the case for cryptocurrencies. As the financial world gradually transitions to blockchain technology and tokenization of assets like bonds becomes more widespread, the situation for cryptocurrencies becomes even more favorable.
