Macro guru Raoul Pal points to potential 66% jump in Solana (SOL) price

Raoul Pal, the founder & CEO of Global Macro Investor and Real Vision, is bullish on Solana, noting a possible breakout that could see the altcoin’s price rally by more than 66%.

The former Goldman Sachs hedge fund manager’s latest Solana price prediction comes amid a double-digit gain for SOL. CoinGecko data indicates that the altcoin’s price has increased by more than 12% in the past 24 hours, with the breakout pushing the SOL/USD pair to its highest level since July.

Solana on cusp of technical breakout

According to the Real Vision CEO, the spike to above $27 today puts the world’s 8th largest crypto by market cap on the cusp of a technical breakout. He noted in a post shared on X that SOL could head for the next resistance at $50 an inverse head and shoulders pattern confirms at $30.

Pal shared with his more than 996,000 X followers:

“$SOL – Ive been extremely bullish all year. It’s up 171% this year and we are about to test the big inverse head and shoulders at $30…. next major resistance would likely be $50, once confirmed.”

Noting that Solana has also broken out versus Bitcoin and Ethereum, he added:

“Let’s see but it feels like SOL is going to lead us from Crypto Spring eventually into Crypto Summer in 2024.”

$SOL – Ive been extremely bullish all year.

It's up 171% this year and we are about to test the big inverse head and shoulders at $30…. next major resistance would likely be $50, once confirmed. 1/ pic.twitter.com/2I0l92xFTR

— Raoul Pal (@RaoulGMI) October 20, 2023

A look at the SOL price on the daily chart shows that bulls have extended their strength above key support zones, starting with the accumulation above $20. The immediate demand reload zone at $23 is likely to hold if profit taking and other negative triggers take hold.

However, as can be seen with the Relative Strength Index (RSI) indicator, Solana’s upside momentum still has room. The jump to overbought conditions might come with supply hurdles. But if Pal’s prediction holds, SOL price could jump more than 66% from the $30 level to the next key resistance zone at $50.