- Solana (SOL) has risen to be one of the most popular altcoins in the crypto market, adding more than 30% in the past 7 days.
- Real Vision CEO Raoul Pal foresees even greater gains, ranging between 235% and 570%, as the fourth-ranked altcoin aims higher.
Solana (SOL) is predicted to go on a parabolic rally over the coming months, with investor interest, network growth, and a generally bullish outlook driving its rise. Real Vision CEO Raoul Pal, who has frequently backed Solana and its native token SOL, has shared a remarkable prediction. The former Goldman Sachs executive said in a recent interview that he expects SOL to rally by between 235% and 570%.
At the time of writing, SOL is inching closer to $200 and is trading at $195, marking a new-year high. In the past 24 hours, the altcoin has recorded an increase of nearly 15%. This extends the token’s weekly gains, which are above 30%. Its recent performance has seen SOL climb higher in market ranking, seeing the altcoin become the fourth largest cryptocurrency with a market cap of $86.5 billion.
At current prices, the Ethereum rival is down by 24% from its all-time high of $259, reached in 2021. This is an impressive achievement, with a majority of its peers suffering between 50% and 90% below all-time highs.
Pal has revealed that he expects SOL to reach a new all-time high, rallying by as much as 570%. Noting the similarity of ETH, SOL will initially welcome a 45x gain, reaching as much as $500. He stated,
If you kind of replicate what ETH did last cycle, that was a 45x from the low. So you get somewhere like about $500.
If I look at the other charts, I get somewhere between $500 and $1,000. And it just depends on the structure of this market. If we get a bubble cycle, it will go to 1,000. If we get some sort of left-translated cycle, it gets to $500. It’s something like that.
He adds that during this bullish phase, ETH is likely to outperform BTC, while SOL outperforms ETH. This essentially means that the token could easily be the best-performing asset in the market. With SOL subjected to the wider price trend, the analyst warns there could be 30% corrections during breakouts.
“Yes, you get the 30% pullbacks that happen in your face in minutes, but that’s crypto summer. This whole year should be crypto summer…” he added.
Pal has in the past revealed that his optimism around Solana is based on its superior technology, network growth, and institutional interest.
Pal further discussed the collaborative and inclusive ecosystem. Not only are developers actively working hard to make the network a success, but the community and users are also collaborative and promoting the ecosystem. Even in a volatile period, this has ensured that SOL delivers exceptional performance.
This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.
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