Solana Price Prediction: Former Goldman Sachs Exec Says He Holds 80% SOL As This Solana Meme Coin ICO Gives Last Chance To Buy

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The Solana price has dropped 5% in the past 24 hours to trade for $131.39 as of 06:32 a.m. EST.

This comes as former Goldman Sachs executive Raoul Pal has revealed that he has a huge investment in SOL.

BREAKING:

Billionaire Raoul Pal went all in on Solana

— 🚨SOL Gems Alert🚨 (@SolGemsAlert) April 17, 2024

Appearing on the Bankless YouTube channel, Pal said that a remarkable 80% of his entire crypto portfolio is committed to Solana. The revelation is an endorsement of SOL, showing that Pal has huge faith in its ability to soar in future.

As altcoins suffer in the wake of the dump in the Bitcoin (BTC) price, researchers from Bernstein say the bull market will only restore after the halving, when exchange-traded fund (ETFs) inflows continue.

JUST IN: #Bitcoin ETF inflows will resume and Bitcoin bull market will continue after the halving – Bernstein research note to clients

— Bitcoin Archive (@BTC_Archive) April 17, 2024

Research by Santiment has partly corroborated this assumption, saying that bear market mentions continue to increase. Santiment analysts have observed that while the fear of missing out (FOMO) is reducing, another metric, fear, uncertainty, and doubt (FUD) is increasing.

This unique mix could lead to a recovery either right before the halving or shortly after.

😧 According to the #crypto crowd, the #bullmarket has essentially come to an end after #Bitcoin's -16% market value drop since the #AllTimeHigh of $73.6K hit back on March 14th. At the same time, #bearmarket mentions are increasing. Historically, prices move the opposite… pic.twitter.com/1fnGePwMV0

— Santiment (@santimentfeed) April 17, 2024

Solana Price Outlook After Raoul Pal’s Bullish Assertion

The Solana price has succumbed to the broader market dump, losing 24% in the last seven days. From a technical standpoint, however, the Layer 1 (L1) token has completed a rounding bottom pattern. It comes after the L1 token suffered a prolonged drop that started in November 2021 through January 2023, constituting a 98% plunge. This was succeeded by a period of brief horizontal consolidation before the bulls took over and the Solana price took off. With this, the price action has completed a rounding bottom pattern.

Rounding Bottom Pattern

A rounding bottom pattern is a bullish reversal pattern. It occurs after a prolonged downtrend in an asset’s price followed by a recovery to form a “U” shape. It suggests a change in long-term price movement or a shift in sentiment from bearish to bullish. Here, the price decline loses momentum, and is succeeded by a steady recovery precipitating a breakout to the upside.

Contingent on the Bitcoin price pushing north, if the bulls come in play to activate the rounding bottom pattern, effectively causing the $130.45 support to hold, the Solana price could bounce north into the supply zone stretching from $197.70 to $250.21. A break and close above the midline of this range on the weekly timeframe at $224.14 would confirm the continuation of the primary trend.

In a highly bullish case, Solana price could flip the supply zone into a support or bullish breaker, confirmed by reclamation of the all-time high at $259.90, before establishing a higher high.

The position of the Relative Strength Index (RSI) above 50 suggests an abounding bullish outlook for the Solana price, tilting the odds further in favor of the upside. The likely play is a bounce off this momentum indicator above the 50 mean level, kickstarting a new uptrend for SOL.

TradingView: SOL/USDT 1-day chart

Conversely, if the bears have their way, Solana price could lose the support at $130.45, extending the fall to the $80.00 level. A candlestick close below this level would invalidate the bullish thesis.

Promising Alternative To Solana

Meanwhile, meme coins running on the Solana blockchain are making headlines in the crypto arena. Among the hottest tokens on the Solana network right now is Slothana (SLOTH), featuring a 420-friendly sloth with big ambitions.

Investors pumped over $10 million into the Slothana ICO in less than two weeks, causing it to sell out way ahead of schedule and its developer to extend the sale for a last chance to buy.

It comes as investors hope to capture the same early success seen with other Solana meme tokens like SLERF, WIF, and BONK.

The allure of the Slothana project lies in its laid-back character, living and lounging on the blockchain. Drawing inspiration from the successes of established Solana meme coins like BOME and SLERF, Slothana aims to replicate their impressive growth.

$SLOTH plans listings on both decentralized (DEX) and centralized (CEX) platforms.

🚀Thanks to you lazy sloths for casting your votes in our recent poll! 🌿 Your voices have been heard loud and clear, and now it's time for us to get to work on delivering to our loyal followers. Stay tuned as we hustle (well, sloth-crawl) to make it happen! #Slothana #memecoin

— Slothana (@SlothanaCoin) April 5, 2024

Right now, one SOL buys 10,000 $SLOTH, which means each token has an approximate price of $0.013153 at the time of writing.

🚀 Exciting news, fellow lazy sloths! Our 'Lazy Sloth Buy Widget' is now LIVE on Slothana's site! 🌿🦥 No more excuses – even the laziest among us can now send SOL with ease. Say no to slovenly sloth and yes to crypto chad lambo time!💸 #Slothana #LazyCrypto #MemeCoin

— Slothana (@SlothanaCoin) March 27, 2024

The project recently gave investors a last chance to buy and now there are less than 11 days left.