Solana Shrugs Off SEC Attack & FTX, to Outperform Bitcoin

• Raoul Pal compares Solana’s current trend to Ethereum (ETH) hitting its bottom in 2018, and rallying 47x thereafter.
• Pal predicts a 20x price rally in Solana which could propel the SOL price all the way to $400.

Layer-1 Ethereum-rival Solana (SOL) has recently been in the news and has outperformed all of the top ten cryptocurrencies over the last week. The Solana (SOL) price is up by 4.13 percent over the last 24 hours and is trading at $21.87 with a market cap of $8.806 billion.

With the Solana price up by 15 percent on the weekly charts, analysts have started giving bullish price predictions for the cryptocurrency. Veteran investor Raoul Pal shared a very bullish outlook on Solana during his recent interview with InvestAnswers.

According to Pal, SOL has the potential to replicate the success of ETH after its 2018 low. He believes that if Solana follows a similar trajectory, the potential gains could be astonishing. Pal compared the 47x increase that ETH experienced after its low to what Solana could potentially achieve. He added:

Look… there’s a possibility – a dream scenario – that Solana does what ETH did from the 2018 low which was a 47x. The Solana low was nine bucks, so you could do the maths [and]the numbers are potentially very interesting.

Although Solana may not experience the same 47x price increase that Ethereum had since its lowest point in 2018, Pal predicts a significant move of around 20 times the current price. He believes this is a reasonable expectation considering Solana’s tested protocol and the increasing activity in its network and ecosystem.

If Pal’s optimistic prediction for the price of SOL holds true, it would mean that the cryptocurrency could eventually reach prices surpassing $400. During the previous bull market, Solana reached its highest price at $260.

Solana Is Not Stopping Before $27

Raoul Pal’s take on Solana relies on his long-term prediction for the cryptocurrency. However, in the short term, the bullish momentum is likely to continue going ahead. As per some crypto analysts, Solana might not stop before reaching the $27 mark.

Caleb Franzen, the Founder of Cubic Analytics, recently expressed his views on SOL in a tweet. According to Franzen’s analysis, Solana is preparing for a possible upward movement in price.

Franzen outlines three important steps for Solana to achieve this potential price increase. The first step involves breaking the trend line, which indicates a shift in market sentiment. Once the trend line is broken, the second step suggests that SOL should use this newly established trend line as a support level. Finally, in the third step, Franzen sets a target price of around $27 for Solana.

Solana $SOL wants to try again…

Step #1: Break the trend line
Step #2: Use the trend line as support
Step #3: Hit the red target ~$27 pic.twitter.com/4sjIRliqTV

— Caleb Franzen (@CalebFranzen) July 8, 2023

There have been some other developments taking place in the Solana ecosystem lately. An interesting collaboration was announced between Coca-Cola (NYSE: KO) in Serbia and Solana NFT platform SolSea. They are partnering for a special non-fungible token (NFT) offering during a music event. As part of this collaboration, Coca-Cola will give out 100 exclusive hoodies along with NFTs to chosen participants.

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