beincrypto.com
Crypto investor Raoul Pal has shared a bullish outlook for Solana (SOL), suggesting the altcoin could see further gains despite recently reaching a new all-time high. His prediction coincides with two new ETF filings featuring SOL, which could increase the cryptocurrency’s demand and visibility in mainstream markets.
For investors, this forecast aligns with Solana’s expanding ecosystem and growth. The key question remains: How high can SOL rise before hitting the ceiling of this bull cycle?
Pal Expects Solana to Continue Climbing
Pal’s comment after SOL’s price climbed above its previous peak of $260. According to the investor, who is also the founder of Real Vision, a crypto education platform, the rally is far from over, suggesting that the recent hike could be the start of another incredible run.
“SOL — been quite the ride so far from the low to new all time highs. Plenty more to go,” Pal shared on X.
Furthermore, this Raoul Pal Solana prediction might not surprise market observers. Since the FTX collapse in 2022, Pal has consistently argued that Solana was undervalued, especially after it plunged to as low as $8.
What makes this forecast even more intriguing is its timing. It coincides with two notable developments in the institutional space: asset management giants VanEck and 21Shares filing for Solana-based ETFs.
These filings signify the growing institutional interest in Solana, potentially driving demand and reinforcing the bullish sentiment around its price potential.
Besides institutional developments, retail investors are also contributing to Solana’s growing momentum. According to Token Terminal, Solana’s monthly active users have seen a significant increase, reaching 134.60 million.
This uptick reflects a rise in the number of addresses actively transacting with SOL, suggesting a broad-based interest in the ecosystem.
Such sustained growth in active users typically suggests healthy network activity and adoption — both of which are bullish indicators for the altcoin’s long-term outlook.
SOL Price Prediction: $300 Looks Feasible
On the daily chart, Solana’s price, currently at $258.81, rallied due to the formation of an inverse head-and-shoulders pattern. An inverse head and shoulders is a bullish chart pattern indicating a potential reversal from a downtrend to an uptrend
Furthermore, a neckline connects the highs of the two troughs and serves as a key resistance level. When the price breaks above this neckline, it confirms the reversal, often accompanied by increased volume.
As seen below, SOL’s price has broken out of the pattern. Should buying pressure increase, the altcoin could climb as high as $300 in the short term.
However, a breakdown below the $235.91 support could invalidate the thesis. In that scenario, the cryptocurrency could decline to $215.21.