Raoul Pal, a well-known former Goldman Sachs executive and macro expert, has made Solana (SOL) his latest bullish investment. Pal’s analysis, published in this week’s issue of his widely read Global Macro Investor (GMI) newsletter, suggests that Solana may be on the rise.
Pal notes that Solana, frequently cited as a worthy rival to Ethereum (ETH), has recently experienced a period of consolidation following the completion of a pattern indicating a shift from a bearish to a bullish trend. This consolidation phase, according to Pal, serves as a precursor to Solana’s next significant move.
Pal adds, “Solana looks like it’s getting ready to make its next move higher after a period of consolidation following the inverse head and shoulders breakout in April.” He highlights GMI’s successful bet on Solana earlier this year, with the asset already recording a year-to-date gain of nearly 150%.
Pal’s knowledge isn’t limited to the cryptocurrency world. He also shifts his focus to global equities, predicting an impending rally based on the formation of a bullish pattern. Pal believes that if a key resistance level on the All-Country World Index (ACWI) index is breached, global equities will reach new highs. Pal’s analysis relies heavily on the ACWI index, which measures the performance of large and mid-cap equities in developed and emerging markets.
Pal says, “Global equities just look like the mirror image of the DXY and appear to be forming a large head-and-shoulders bottom.” He also draws attention to a small bullish pennant that has formed on the right shoulder, potentially providing the needed boost to break through and trigger a breakout. Pal predicts that new highs will follow if the index rises above 94.
As Pal’s bullish sentiment gains traction, investors looking to capitalise on these potential opportunities will most likely be closely monitoring Solana’s movements, keeping a close eye on the global equity landscape, and keeping an eye on the critical ACWI index resistance level. Pal’s track record and expertise continue to captivate the attention of investors looking for valuable market analysis and potentially lucrative investment opportunities.
