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- Raoul Pal predicts Solana could rise up to 47 times its previous lows, targeting $750 to $1,000.
- Solana has increased over 600% this year, with recent gains driven by advances like the “Fire Dancer” solution.
- Market data shows Solana’s open interest is up 7.69% to $2.62 billion and active addresses exceeding 1 million.
A prominent financial analyst foresees a highly optimistic future for Solana (SOL), predicting that its value could potentially increase up to 47 times from its previous lows.
Solana, currently trading at $174, has experienced a staggering rise of over 600% since the start of the year, with a 5.1% increase in the last 24 hours and a 0.8% uptick over the past week.
Raoul Pal, founder and CEO of Real Vision and Global Macro Investor, has underscored the promising future of Solana. Pal envisions SOL prices climbing to between $750 and $1,000, citing the cryptocurrency’s resilience and the significant technological strides it has made, such as the “Fire Dancer” scalability solution. He believes that Solana, along with Bitcoin and Ethereum, has demonstrated its robustness in the volatile cryptocurrency market.
Pal draws comparisons to Ethereum’s bull run in 2020, suggesting that Solana might follow a similar pattern, potentially leading to substantial price growth. He also highlights the impact of non-fungible tokens (NFTs) on Solana’s market, pointing out the platform’s cost-effective NFT creation and the potential for innovative new uses for NFTs in the future.
Current market data aligns with Pal’s positive outlook. Solana’s open interest, an indicator of futures market liquidity, has increased by 7.69%, reaching a value of $2.62 billion, alongside a 20% increase in trading volume. Additionally, the number of active Solana addresses has grown from under 800,000 to over 1 million in the past month, signaling increased user engagement and adoption. However, despite Solana surpassing Ethereum in active addresses, Ethereum maintains a lead in transaction volume.