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The Solana price is down almost 5% in the last 24 hours but remains a staggering 25% up in the week. It is trading at $40.27 as of 2:01 AM EST.
Trading volume is also down 25%, but this has not dissuaded former Goldman Sachs executive Raoul Pal from expressing optimism for SOL.
Former Goldman Sachs Exec Sees Solana Price Skyrocketing
In a recent commentary, entrepreneur, investment strategist, and former hedge fund manage and macro guru Raoul Pal said SOL could skyrocket. In an interview with the Crypto Banter YouTube channel, Pal said that the Ethereum killer, SOL, could eventually soar in market value between 1,097% and 2,294% in the next bull run.
The former Goldman Sachs executive agreed with his host from Cypto Banter, Ran Nuener, that the next bull cycle will end with Bitcoin at the helm, with Ether and Solana in the first and second runners-up positions respectively. Nevertheless, he acknowledged the possibility of another digital asset blindsiding him with an unprecedented rise.
Pal lauded Solana for surviving a crisis, likely referring to when the United States Securities and Exchange Commission (SEC) branded SOL a security. The smart contract token has also survived the FTX debacle, with talks of the defunct cryptocurrency exchange liquidating SOL.
Solana Among Cryptocurrencies Making Waves
Meanwhile, SOL is among the coins making waves today, trending on CoinGape’s list of market movers
📊 Market Movers: The Coins Making Waves Right Now 📈
🔔 Follow @CoinGapeMedia.$MEME #BIGTIME #SOL #ETH #EGLD #XRP #BTC #MATIC #USD #CAKE #LINK #PEPE #NEO #Crypto pic.twitter.com/67jUUt90YW
— Crypto News (CoinGape) (@CoinGapeMedia) November 6, 2023
Even after the epic surge, constituting almost 135% in gains since mid-September, traders are still optimistic. One trader looks to open a new position once the Solana price breaches the $50.00 psychological level, which coincides with the 50% Fibonacci retracement level.
#Solana #SOL will go bullish again if it breaks the 0.5 Fibonacci resistance level.
In the meantime, check out the price action on the lower timeframes below: 👇 pic.twitter.com/LH7yMNABB8
— Jeff Weston (@jeffweston_) November 6, 2023
As it stands, Solana price is currently testing the supply zone, an order block populated by many sellers.
Solana Price Outlook As SOL Confronts A Bearish Order Block
Solana price is confronting a formidable supply barrier extending from $42.18 to $46.60. Notably, SOL was rejected from this supply zone on August 11 and has not been tested since.
For a confirmed uptrend, Solana price must break above the midline (mean threshold) of the supply zone at around $44.69. This will be indicated by a solid move above the $47.20 resistance level, with a close above it rendering the order block a bullish breaker.
Further north, the gains could extend for Solana price to breach $58.86, or in a highly bullish case, extrapolate to test the $75.08 resistance level, last tested in May as Do Kwon’s Terra UST ecosystem collapsed.
The Relative Strength Index (RSI), positioned above 50 spurs optimism as it points to strong price strength. The positive position of the Awesome Oscillator (AO) and its histogram bars flashing green also corroborate the optimism, showing bulls are leading the market.
Converse Case
Nevertheless, with regards to the RSI tipping south, momentum is falling as SOL is already massively overbought. For the layperson, whenever the RSI is above the 70 level, the asset is considered overbought. Similarly, a slip below 30 for the RSI shows the asset is oversold.
In the case of SOL being overbought, investors should not be surprised if Solana price pulls back or corrects south. This could plunge the purported Ethereum killer into the bullish breaker. A bullish breaker is basically a supply zone that fails to hold as a resistance order block.
A solid move below its midline at $33.70 would clear the path for a spiral south, with Solana price likely to test the $26.87 support level. It is a critical support floor considering the dexterity with which it barred the upside potential for Solana price. This started in November when Sam Bankman-Fried’s crypto empire crumbled.
In highly bearish conditions, Solana price could drop below the support offered by the ascending trendline at the $20.00 psychological level.
Meanwhile, the stake-to-earn niche is gaining traction, with MK token at the helm. It offers investors a good portfolio diversification option even as SOL faces a formidable supply barrier.
MK is the latest entrant in the meme coin ecosystem after the PEPE sensation, with experts anticipating 100X growth potential even as its launch approaches.
Promising Alternative to Solana
MK is the native cryptocurrency for the Meme Kombat ecosystem, an innovative new gaming platform designed by gamers for gamers. It offers a wide range of income-earning opportunities, ranging from active betting to passive staking, with Annual Percentage Yields (APY) as high as 112%.
With experts anticipating 10-fold growth potential for MK, the Meme Kombat presale is ongoing, with $1.245 million in the bag already, out of the $1.5 million target. Investors can buy MK using ETH or USDT on the website at $0.183, but this market value only stands for the next three days before another hike as the next stage commences.
MK Presale price is now $0.183!
Learn more about our staged approach to presale in this brilliant breakdown from @BuryCrypto 👏
Full video here👉 https://t.co/onldqUtDsD pic.twitter.com/kGBwBC16VN
— Meme Kombat (@Meme_Kombat) November 2, 2023
Walk into the new week with MK in your portfolio for a chance to reap the 100X growth potential that analysts anticipate when the token finally launches on exchanges.
It's gonna be a GOOD week memers🌅 pic.twitter.com/LFDCsEWDzc
— Meme Kombat (@Meme_Kombat) November 5, 2023
Remember, Meme Kombat is among the top three ICOs to buy in 2023, alongside Bitcoin Minetrix and TG.Casino.
Visit Meme Kombat to buy MK in the presale now, here!
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- Meme Coins and Gaming Tokens Surge, Investors Tip Meme Kombat Could 20x
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