Solana saw a series of declines last week and this week. However, this week, efforts were made to start a recovery. The Solana (SOL) cryptocurrency is trading at $92.05, up 2% in 24 hours.
Solana is now the fifth-largest digital currency by market capitalization at $40 billion, because of its strong momentum. Despite the favorable gain, Solana’s 24-hour trading volume fell 8% to $1.6 million.
On Solana’s recovery quest, Pal Foresee’s A Rally Call
Adding to the bullish sentiment surrounding Solana, legendary trader Raoul Pal has intensified his support for the coin with a cryptic prediction. Pal hints at an impending bull run for Solana, stressing the need for investors to “stick with the program.”
However, the crux of his prediction revolves around Solana breaking the resistance zone at the $92.92 price range, as indicated by a chart he shared.
Having said that, the chart in question prompts Raoul Pal to question the Log Chart Perfection, suggesting it is a vital indicator for the coin’s overall upcoming bullish phase.
This prediction comes at a time when Solana is at a crucial juncture, which is dealing with sudden fluctuations in recent months, making it hard to believe that it will go against the tide.
On the flip side, Solana has exhibited remarkable resilience in 2023, outperforming top coins with a staggering 700% price surge during its historic rally. Despite the ongoing recovery, Solana is yet to reclaim the peak it reached at over $125 in the previous year.
Moreover, Pal said, that there are many reasons to be optimistic about Solana right now, including the fact that its second smartphone, Saga, was released successfully in the tech world. So, the fact that Pal has always supported Solana and often ranks it higher than its main competitor Ethereum (ETH) adds to the positive market perception.
Echoing similar sentiments, cryptocurrency expert Nebraskangooner observes the positive trend in Solana’s native token (SOL) and predicts a potential upswing in its market value. As per his analysis, Solana must maintain the crucial support levels for sustained financial gains, foreseeing the possibility of a larger rally.
On the Bottom Line
While Solana navigates the changing market, the success of the cryptocurrency depends on important factors. As long as negative trends continue, Solana could fall to $20 or even a support level near $50.
On the other hand, a return of bullish forces could push Solana toward higher support levels, maybe around $125. In the coming weeks, it will be very important to see if Solana can rebound from recent downturns or if it will still be affected by ongoing market changes.