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CEO Is Super Bullish On Solana, Predicts SOL To 2X If This Pattern Is Confirmed

Raoul Pal, the founder of Real Vision and one of crypto frequent commentators, thinks SOL, the native currency of Solana, a smart contract platform, has “been extremely bullish all year.” In Pal’s assessment, the coin will likely double in the next few sessions, especially if there is a welcomed breakout above the immediate liquidation level. 

Taking to X on October 20, the founder noted that SOL has rallied by 171% in 2023 alone. At the same time, looking at technical candlestick arrangements, the immediate resistance level that traders should watch out for is $30. This line, Pal thinks, marks a critical liquidation level per the “big inverse head and shoulders” pattern evident in the daily chart. 

Solana inverted head and shoulder formation| Source: Raoul Pal on X

In technical analysis, this pattern signals that bear momentum is slowing, and the uptrend could be around the corner. Often, it forms when prices make three lows, with the middle low (the head) being lower than the other two lows (the shoulders). 

Pal Is Bullish On Solana, Will SOL 2x?

Even so, as Pal notes, the uptrend will be valid once there is a high volume bullish breakout above the “neckline.” In the Solana price chart in the daily chart, the neckline is at $30, a psychological level buyers have failed to break since it was registered in July 2023. This level also marks Solana’s highest price this year.

Solana price on October 20| Source: SOLUSDT on Binance, TradingView

While Solana struggles to overcome the strong resistance by USDT (and technically USD bulls), SOL bulls have been easing past resistance levels versus Ethereum (ETH) and Bitcoin (BTC). As of October 2023, SOL bulls appear to be reversing losses posted in 2022 versus the two top coins by market cap.

To highlight this development, SOL is trading at new 2023 highs versus Ethereum, reversing losses and edging higher as bulls flock. SOL bulls have broken two critical liquidation zones at spot levels versus Ethereum registered in January and July. Still, Ethereum remains solid from a top-down preview, up 70% versus SOL reading from the SOLETH daily chart.

SOL breakout versus ETH| Source: Raoul Pal on X

Will SOL Rally Trigger “Crypto Summer” In 2024?

While SOL bulls double down, the Real Vision CEO thinks the coin could lead the market to a “Crypto Summer” in 2024. The uptrend could be fanned by several developments, especially on partnerships struck in the recent past.

In early September, Visa, a global payment processor, introduced USDC settlement on Solana, citing the network’s high throughput. Through this extension, Visa hopes to “improve the speed of cross-border settlement and provide a modern option for our clients to easily send or receive funds from Visa’s treasury.”

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What This Pattern Spells For Ethereum In The Coming Weeks, Pullback In The Cards?

Ethereum had seen some uptrend that had sent the price up at the start of the week, finally breaking above $3,000 once more. However, the digital asset has had a hard time maintaining this position in what it showing to be a ‘takeout.’ Raoul Pal, CEO, and co-founder of Real Vision, recently presented his analysis on the digital asset, explaining when and how a breakout might occur.

Where Is Ethereum Headed?

Taking a look at the inverse head and shoulders pattern that began forming on Tuesday, Pal points to this pattern which was still confirming but still showed some indicators for the digital asset. He pointed to the fact that the Daily DeMark had been showing a 13 and a 9 on Wednesday. And what this means was that the breakout of the early week would probably fail on the first try, which it did as Ethereum had fallen below $3K.

BUT, Daily DeMark is showing a 13 and a 9 tomorrow… so breakout possibly fails on first attempt, which is pretty typical of this pattern. Usually a trend line sharp pullback into middle of wedge and then upside break… pic.twitter.com/ZyaxhTIZmY

— Raoul Pal (@RaoulGMI) March 22, 2022

Explaining further, Pal explained what this could mean for the digital asset. The inverse head and shoulders had been validated by the Weekly DeMark 9 that is currently in place, proven by the pattern accurately nailing the low of the price of the cryptocurrency.

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But the probability that the inverse head and shoulder is valid is increased significantly by the Weekly DeMark 9 that is in place…nailed the low pretty much perfectly. pic.twitter.com/7W7dqMJQxl

— Raoul Pal (@RaoulGMI) March 22, 2022

ETH/BTC continues to run a consolidation though, the CEO pointed out. Adding that this should continue to move towards the top of the flag. After this, the price of the digital asset is expected to break out in due course.

ETH breaks above $3,000 | Source: ETHUSD on TradingView.com

This analysis by Pal is expected to play out through the next week. As with any analysis, time will tell if the prediction is accurate or if Ethereum will end up moving in a completely different direction.

Related Reading | Why Ethereum Is Outperforming Bitcoin Again

As for the digital asset, it continues to trend just around $3,000. This resistance point which had been broken yesterday has proven to be hard to beat for the cryptocurrency. However, with momentum rising, it very well could once more break above it and find support. But it still strongly remains a seller’s market which means the probability for a downtrend is more likely.

The price of Ethereum is trading at $3,004 at the time of writing. Bears are still mounting significant resistance at this point, as evidenced by the slight dip that has followed this break above $3,000.

Featured image from CNBC, chart from TradingView.com

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I Only Hold 1 Bitcoin, Real Vision CEO Raoul Pal Reveals

Millionaire investor Raoul Pal has revealed how much he owns of bitcoin, a cryptocurrency that he has been known to actively promote in the past. In what was a shocking revelation, the CEO and founder of Real Vision posted his bitcoin holdings on Twitter, which turned out to be lower than everyone’s expectations. Pal disclosed that he only owned a measly 1 bitcoin.

Why Does Raoul Pal Only Own 1 Bitcoin?

The CEO got into a heated Twitter argument with Greg Foss after Foss insulted Pal. In a response to another user who defended the CEO saying they liked him, Foss explained that he was “just calling out the BS.” This is where Pal came into the conversation demanding to know what exactly it was that Foss was accusing him of as he’d like to know.

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Foss continued on to explain that he did not agree with Pal promoting his trading mechanism to other traders who were less inclined to understand how it worked, pointing towards bond math. Pal however disagreed with Foss’s assessment, stating that he did not hold his views on bonds as a philosophy, rather just a mechanism which he uses to trade.

The argument continued on, eventually culminating in Pal stating how much bitcoin he owned, which it turns out is a single bitcoin. The founder and CEO of Real Vision explained that it was because of the bitcoin community’s approach to inclusion that led to this decision. Pal lamented the exclusion of others from the space who happen to share a different viewpoint from the accepted majority.

BTC price recovers above $43,000 | Source: BTCUSD on TradingView.com

“This is why I hold only one bitcoin, the community has lost sight of inclusion and you sir, are helping reduce the network effects by excluding people who don’t share your view from the network,” said the CEO.

It eventually ended with Greg Foss conceding and acknowledging he was wrong to have attacked Pal in the first place. In a separate tweet, Foss tendered an apology to the CEO, stating that he regretted his actions.

Some times you pick a fight with the captain of the opposing team (cuz u are fed up and want to brawl)

That is rarely a smart move.

Tonite I chose that path and I regret my actions.

I apologize to @RaoulGMI

I made a rookie error. We have bigger battles to fight.

GF

— Greg Foss 🇨🇦 (@FossGregfoss) January 20, 2022

Not Completely Out From Crypto

Despite his views on the bitcoin community, Raoul Pal has not entirely ruled crypto. Even bitcoin has not been completely ruled out as evidenced by his tweet stating that he does own one BTC. However, Pal has moved on to other things in the crypto space. Given his comments not too long ago, the CEO is now more bullish on ethereum compared to bitcoin.

Related Reading | Bitcoin Implied Volatility Plummets To Pre-Bull Market Levels: What This Means

Pal noted back in November that he expected ethereum to continue to outperform bitcoin given its performance in previous months. The millionaire investor still holds a well-rounded bullish view on bitcoin but expects ethereum to be the better investment of the two going forward.

A month before this, Pal had received that he made the biggest personal position of his life in ethereum. He explained that he is long the digital asset which he placed at the $20,000 mark by the second quarter of 2022, less than six months away from now.

Featured image from iGaming.org, chart from TradingView.com

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Real Vision CEO Raoul Pal Takes Bullish Stand On Ethereum

Raoul Pal, CEO, and co-founder of Real Vision has taken a bullish stance on Ethereum. Staying true to past statements, Pal reiterated support for Ethereum, which he sees growing exponentially in the coming years. For Pal, the growth of Ethereum in comparison to Bitcoin is the greatest argument for its long-term success. This has led the CEO to stand behind the leading smart contracts platform in the crypto space.

Ethereum Vs. Bitcoin

Anyone in the crypto space now knows that there is a clear line when it comes to outperformance between the two top cryptocurrencies. Although bitcoin has brought massive returns for its investors, it has not done nearly as well as Ethereum in the same time frame. This has largely driven the argument of Ethereum “flipping” bitcoin.

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Pal does not seem to subscribe to the school of thought that is Ethereum flipping bitcoin but is bullish on the latter’s long-term potential over the former. He argued the value of Ethereum against bitcoin when the digital asset had first launched five years ago, showing that the altcoin has performed 100x against bitcoin over its five-year lifespan.

For the Bitcoin Maxi’s: when ETH launched it was at 0.0007BTC. 6 years later, it is at 0.07. That is 100x vs BTC over the period you called it a shit coin.

The whole Pfeffer argument of utility value goes to zero has been proven wrong due to network effects

Facts matter. 1/

— Raoul Pal (@RaoulGMI) November 14, 2021

ETH price trading above $4,600 | Source: ETHUSD on TradingView.com

However, just because Ethereum has performed remarkably well compared to Bitcoin does not mean that there isn’t any potential for bitcoin. But Pal expects the altcoin to keep outperforming bitcoin in the coming years.

ETH and BTC aren’t the same thing and that is fine.

Some other token will outperform ETH probably over time too. That is cool too.

The entire space is going up 100x from here. You can choose where you want to be on the risk curve but it’s not even clear ETH is more risky now.

— Raoul Pal (@RaoulGMI) November 14, 2021

Bullish On ETH

Pal’s stance on Ethereum has not changed since he had first declared investments in the digital asset. In August, Pal had placed the value of Ethereum at $20,000 by the second quarter of 2022. This prediction was mostly predicated on its growing use cases as the leading smart contracts platform for decentralized finance and NFT activities in the crypto industry, thus giving it an edge over bitcoin which did not have much going for it besides its monetary policy.

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In the same vein, Pal had placed the price of bitcoin at $250,000 in the same time period, proving that his bullish sentiment went above just ETH’s potential. Pal had also moved his entire investment portfolio into cryptocurrencies in 2020, the majority of which was in Bitcoin.

In October, Pal updated his followers on Twitter that he had made the biggest personal position of his life in ETH. In the tweet, Pal said, “Just so we are clear – I am more than irresponsibly long ETH right now. I now have leverage but via calls. This is by far and away the biggest personal position of my entire life by a factor of 10 (or more). My view horizon for this part of the trade is 6 to 9 months.”

Featured image from The Economic Times, chart from TradingView.com

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Ex-Goldman Exec And Real Vision Founder Puts Ethereum Value At $20,000 By March 2022

Ethereum has been on an impressive growth path recently. The digital asset recently broke a three-month high after it broke through $3,400 in the early hours of Tuesday. Usage on the Ethereum network has increased drastically in the recent weeks, causing fee rates to surge 200% in the space of a week. As more users adopt the leading smart contracts platform, predictions for the asset’s value have risen accordingly.

Raoul Pal is an ex-Goldman hedge fund exec who is bullish on cryptocurrencies. The ex-hedge fund exec had then gone on to co-found Real Vision, a platform that provides insights and analysis for investors. Pal was on a podcast to talk about his cryptocurrency investment strategies for the top 2 largest projects in the market, Bitcoin and Ethereum, and he had some interesting predictions for both cryptocurrencies.

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Ethereum To $20,000, Bitcoin To $250,000

Real Vision CEO Raoul Pal gave some very optimistic predictions for the top 2 digital currencies during his interview. Pal said he believed that Ethereum was going to be at $20,000 by the end of March 2022, while putting Bitcoin price between $250,000 to $400,000 in the same time frame. For Ethereum, Pal said that the growing popularity of decentralized finance (DeFi) and non-fungible tokens (NFTs) factors into his prediction. Disclosing that both DeFi and NFTs have already been twice as widely accepted as Bitcoin.

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Ethereum adoption has far dwarfed the rest of the crypto space, Pal said. Adding that the recent London Hard Fork and EIP-1559 work to reduce ETH supply, and with ETH 2.0 staking, further propels the bullish setup for the price blowout.

Raoul Pal expects ETH to 6X by next year | Source: ETHUSD on TradingView.com

“There’s tons that have gone into just holding, tones that are locked up in DeFi, tons that are locked up in NFTs, and you’re left with, as of today, 11% of the entire supply of Ethereal available and it’s going down every day, and the demand is going exponential. The only outcome is an exponential rise in price. There’s no other outcome.” – Raoul Pal, Co-Founder, and CEO, Real Vision

Put Your Money Where Your Mouth Is

Raoul Pal is not one to give predictions for others to follow without having a stake in it himself. In fact, the CEO had revealed last year that he had moved his entire investment portfolio to cryptocurrencies. That’s how bullish Pal is on cryptocurrencies. The CEO had completely exited his gold holdings, which, at the time, had made up 25% of his investment portfolio, and the funds were moved to crypto. Even at that point, Pal’s portfolio was made out of 75% crypto before he exited his gold positions.

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Now, Pal’s holdings consist of cryptos at various degrees of concentration, down to crypto-related products. The CEO revealed that his holdings consisted of 55% Bitcoin, which made up the majority of his investments. Ethereum (ETH) is the second-largest position, making up 25%. The remaining 20% consists of an equally weighted basket of tokens. These range from tokens of decentralized finance (DeFi) protocols, Layer 1 blockchains, and interoperability solutions.

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Pal also added that he had “some specific bets in social tokens, metaverse, and other longer-term macro bets.” The Real Vision co-founder referred to Ethereum as “the greatest trade” from a macro perspective point of view. And he expects the cryptos to go up in Q4 of 2021. “Don’t forget that they usually go up 5X to 10X in the last three months of the year, and we haven’t even got to the all-time high,” Pal said.

Featured image from Toshi Times, chart from TradingView.com