u.today
The most popular meme cryptocurrency, Dogecoin (DOGE) may soon see exponential growth in its price. At least that is the conclusion drawn by former Goldman Sachs top manager and prominent crypto analyst Raoul Pal's latest outlook on the price of DOGE.
In his latest post, Pal highlighted how the price of the most popular meme coin is completing what appears to be the bull flag pattern that began as early as 2021. Back then, the price of Dogecoin found its high at around $0.75, and now three years later, according to the investor, DOGE is within sniffing distance of the "banana zone."
We should note here that by "banana zone," Pal means a period of unrestrained upward price movement, which looks like a banana on a price chart. In his vision, Dogecoin, or "the dog," can smell the "ripening fruit," which means that the meme coin is about to enter such a phase.
And $DOGE is within sniffing distance... the dog can smell the ripening fruit. pic.twitter.com/5i7XalmDWQ
— Raoul Pal (@RaoulGMI) October 29, 2024
Whether DOGE will actually draw a banana on its price chart or not remains a question for the future. For Pal himself, the indicator of the cryptocurrency market "going bananas" will be the price of Solana (SOL) breaking $185.
Being the main attraction of the cycle, Solana is a kind of indicator of the risk-on regime on the market. As the expert investor says, for SOL, overcoming this mark will be enough to confirm the fruit phase. With this, Pal insists on caution as the range failures of the last months have significantly burned confidence in a sustainable bullish rally.