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Market veteran Raoul Pal, CEO of Real Vision, has suggested that meme coin Dogecoin could be on the verge of a major price rally.
In what he calls the “Great Banana Rotation,” Pal predicted a potential rally in Dogecoin and other tokens such as Sui (SUI). The veteran analyst had previously introduced what he called the “Banana Zone” in earlier commentaries.
I think next in the Great Banana Rotation is $SUI and $DOGE and probably that token that you hold too
— Raoul Pal (@RaoulGMI) November 22, 2024
Raoul Pal’s “Banana Zone”
Pal introduced the “Banana Zone” months back, stressing that it is a market phase when prices rise consistently. He advised patience during this period and advocated holding investments in top assets like Bitcoin, Ethereum, and Solana. These tokens help reduce risk during market volatility.
However, for those with higher risk tolerance, Pal suggested allocating a smaller portion to emerging tokens like SUI or meme coins such as DOGE. However, he stressed maintaining 90% of holdings in established cryptocurrencies to preserve long-term portfolio value.
With several assets already entering this Banana Zone, Pal’s latest remarks suggest DOGE could be the next. This prediction comes on the back of a series of pop culture moments around bananas, with the most prominent involving SpaceX CEO Elon Musk and crypto entrepreneur Justin Sun.
Recent Pop Culture References to Bananas
Musk’s recent symbolic use of a banana during a SpaceX test flight attracted global attention. Acting as a zero-gravity indicator, the fruit became a quirky yet highly publicized element of the space mission.
Simultaneously, Sun recently took center stage for purchasing Maurizio Cattelan’s iconic banana artwork for $6.2 million and vowed to eat the fruit as part of a live artistic expression.
I’m thrilled to announce that I’ve bought the banana🍌 !!! @SpaceX @Sothebys I am Justin Sun, and I’m excited to share that I have successfully acquired Maurizio Cattelan’s iconic work, Comedian for $6.2 million. This is not just an artwork; it represents a cultural phenomenon… pic.twitter.com/lAj1RE6y0C
— H.E. Justin Sun 🍌 (@justinsuntron) November 21, 2024
The TRON founder also teased plans to tape a banana to a SpaceX rocket and send it to Mars. Notably, these events have triggered enthusiasm toward bananas in crypto markets, with meme tokens featuring “banana” in their names seeing rapid surges.
Dogecoin to Slip Into the Banana Zone
Amid the pop culture emergence of bananas, Pal believes the next asset to slip into the Banana Zone of rising prices is Dogecoin. The commentary follows a previous Dogecoin breakout that saw the meme coin breach a three-year peak above $0.44 on Nov. 12.
Pal’s latest disclosure builds on previous bullish remarks he has made about DOGE. Earlier this month, he shared a long-term analysis of Dogecoin’s price chart. The chart shows Dogecoin breaking out of several descending trendlines.
We are very close to being in the Last Chance to Add Zone in crypto. The next step should be the memes breaking out and after that there is nothing to do but wait to take lifestyle chips off the table.
Here is $DOGE leading the breakout… 1/ pic.twitter.com/rEztxyqTRr
— Raoul Pal (@RaoulGMI) November 10, 2024
Each breakout is followed by massive price increases, as Pal insisted that the current market phase presents a “last chance to add.” The chart reveals a series of descending wedge patterns. Historically, Dogecoin has seen massive price action following these formations.
A breakout is visible in the most recent segment of the chart, where the price has climbed above its downward trendline. Notably, several analysts also believe DOGE is poised to stage another rally, with one recently identifying a rounded bottom structure.
In addition, Dogecoin whales have been accumulating more tokens, amassing 550 million DOGE in the latest buying spree. At press time, Dogecoin trades for $0.3969, up 1.91% over the past 24 hours, as it looks to reclaim the $0.40 price territory.