As the cryptocurrency market plummets, Raoul Pal, founder and CEO of Real Vision, has made an epic prediction for Solana (SOL), comparing its potential growth to bananas that are “ripening slowly, but should be magnificent in autumn”.
As the cryptocurrency market plummets, Raoul Pal, founder and CEO of Real Vision, has made an epic prediction for Solana (SOL), comparing its potential growth to bananas that are “ripening slowly, but should be magnificent in the fall.
Pal, in a recent tweet, shared his opinion on Solana’s recent price action. “The bananas are ripening slowly…but they should be gorgeous in the fall,” she stated metaphorically, indicating her belief in a substantial future increase in SOL prices.
In light of the recent market slowdown, Pal suggested that the current price drop could present a buying opportunity for those looking to increase their Solana holdings. “If you wanted a blatant top-up of your SOL position, this would probably be a good entry zone,” she said. noted.
Solana prices fell further on Tuesday, hitting intraday lows of $128, following a drop on Monday. At the time of writing, SOL was down 5.08% in the last 24 hours to $136 and 11.46% the week before.
Tomiwabold OlajideDespite the market’s bearish trend, Pal’s projection suggests Solana could be poised for a significant rally. Pal had previously predicted the arrival of “banana season” for Solana. Referring to his earlier statements, Pal stated, “I always said this will happen, but we don’t know exactly when as the lateral consolidation has to be broken first.”
SOL Price Action
Crypto markets plunged into a sea of red on Monday, with several cryptocurrencies losing more than 10%. The declines continued into Tuesday’s trading, with most cryptocurrencies still trading in the red at press time. The cryptocurrency market capitalization has fallen to $2.34 trillion, a decrease of 2.08% in the last 24 hours.
Solana fell to lows not seen since mid-April, momentarily falling below the crucial daily SMA 200 support at $130 before recovering marginally.
Tomiwabold OlajideIn case of further price declines, the bears may target a drop to the critical support of $116. This level has previously provided solid support and the bulls will try to defend it again.
On the other hand, if the price rebounds, a break above $157 or the daily SMA 50 barrier could cause SOL to escape range trading in the near term.
