Former Goldman Sachs executive and macro expert Raoul Pal is sharing his bullish stance on a potential Ethereum (ETH) competitor in the large-cap space. Pal, with a following of 1.1 million on X, is particularly optimistic about Solana (SOL) based on its long-term chart.
According to Pal, Solana’s weekly chart is displaying an extremely bullish pattern, suggesting a potential acceleration in price movement once it breaks higher. The chart indicates that Solana has recently broken out of a descending channel and is now eyeing a move above the resistance level near its all-time high price of just over $260. As of the current writing, Solana is trading at $240.
Shifting focus to Ethereum, Pal also sees significant potential for a rally in the near future. He points out a symmetrical triangle pattern forming on the weekly chart, indicating a bullish trend if Ethereum manages to break out above the upper boundary of the pattern. Pal highlights two possible scenarios for Ethereum, suggesting that it may either pull back slightly before surging higher or continue its upward trajectory without any significant retracement.
At the time of writing, Ethereum is priced at $3,913.
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In conclusion, Raoul Pal’s analysis points towards a potentially bullish outlook for both Solana and Ethereum in the coming weeks. As these projects continue to gain traction and investor interest, it will be interesting to see how their prices evolve in the ever-changing crypto landscape.