Raoul Pal Projects Solana (SOL) to Outperform Bitcoin (BTC) in Ongoing Cycle, Anticipates a 'Very Big Move'

Crypto analyst and macro expert Raoul Pal has projected a significant bullish surge for Solana SOL/USD, anticipating it to outperform Bitcoin BTC/USD in the ongoing cycle.

Crypto analyst and macro expert Raoul Pal has projected a significant bullish surge for Solana (CRYPTO: SOL) , anticipating it to outshine Bitcoin (CRYPTO: BTC) in the ongoing cycle.

What Happened: In a video on YouTube on Friday, Pal highlighted that Solana is displaying a classic bullish inverse head and shoulders (I-HNS) pattern against Bitcoin.

“That's a killer inverse head and shoulders, cup and handle, whatever it is. It's suggesting there is a very big move to come in this cross, meaning Solana is going to outperform a lot,” said Pal.

An I-HNS pattern is a bullish technical formation. The right shoulder indicates that investors are eager to accumulate the asset without waiting for the price to fall to its previous low.

Pal also hinted at a bullish pattern for Solana that could lead to a price target of $265, a more than 45% gain from the current value.

See Also: Anthony Scaramucci Says Crypto Will Soar If This Presidential Candidate Wins The Election: ‘I Think We’ll See All-Time Highs For Bitcoin And Other Assets’

Solana has turned the diagonal resistance of a triangle pattern into support, according to Pal’s chart analysis. Last month, he stated that the crypto market is approaching the “Banana Zone,” a period of sustained uptrend for Bitcoin and other digital assets.

"Solana, well, it's breaking out. It's retesting that breakout. That's what it's been doing the last couple of days. Looks beautiful. We want to see this kind of stuff, because test, retesting of breakouts, bit of sideways consolidation, brings you the power of the banana, which is all we care about," he added.

Pal’s bullish prediction for Solana is noteworthy. His analysis suggests that Solana’s current pattern could lead to a substantial price increase, which would be a notable development in the crypto market.

Moreover, his forecast of the “Banana Zone” indicates a potential uptrend for not only Bitcoin but other digital assets as well.