Among all the other altcoins on the market, one name that keeps popping up is Solana. Solana is one of the biggest Proof-of-Stake networks in the crypto market and has impressive capabilities.
To this end, it is understandable how several retail and institutional investors are starting to place their bets on it. The latest of these Institutional investors may be Raoul Pal, former Goldman Sachs Executive, and CEO of Real Vision.
Recently, Raoul Pal has openly endorsed Solana, explaining that despite how often the blockchain breaks, it is still one of the biggest Proof-of-Stake blockchains out there. He also adds that it is impressive how Solana can support about 50,000 transactions per second.
Pal was a former Goldman Sachs Executive, where he managed European Hedge Fund Sales in equities and equity derivatives.
Ever since 2020 when Pal released a GMI newsletter in which he states that bitcoin may one day reach a $10 trillion valuation, he has regularly shared updates about changes to his crypto holdings.
In an "ask me anything" session on YouTube, he was most bullish on Solana. He added that many adoption applications spill out of Ethereum and right into Solana, Avalanche, and several other protocols.
Pal said that we might see something similar to what happened to Ethereum in the last bull cycle, where ether quickly became a very large dominant chain. He adds that several other altcoins may display something like this and that he mostly bet on Sol.
Despite how Solana keeps breaking and crashing, Pal believes that if the chain survives its current woes, then the probability that Solana will do well in the next bull cycle seems very high.
SOL appears to be trading inside an ascending channel from a medium-term perspective.
So far, SOL has respected the channel's lower trendline since mid-September and may soon trend upwards to the $35 zone if the bulls manage to supply enough price momentum.
The RSI also supports a potential move to the upside, as a bullish crossover appears to be forming. SOL may bounce off this lower trendline and move to the upside if the bears fail to push the price below the lower support.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)