Renowned macro investor and crypto analyst Raoul Pal recently stirred excitement within the cryptocurrency community with his optimistic outlook on Solana (SOL), the fourth-largest cryptocurrency by market capitalization.
Pal, the founder and CEO of Real Vision Group, expressed his belief that Solana is poised to achieve all-time highs against Bitcoin. “Next aim for SOL is the all-time high vs. BTC, having just broken its all-time high vs. ETH,” Pal stated in a tweet.
This prediction came at a time when SOL’s price was experiencing a decline, adding weight to Pal’s forecast.
SOL’s price faced a consecutive two-day dip following Bitcoin’s decline earlier in the week. Bitcoin started its descent in the late hours of Monday in the U.S., coinciding with Grayscale’s GBTC witnessing record withdrawals exceeding $640 million. This downward trend affected major cryptocurrencies, with SOL dropping by as much as 15%.
While long positions on Bitcoin experienced losses of $135 million within the past 24 hours, long liquidations on Solana totaled $26 million, according to data from CoinGlass.
As of the current writing, SOL has declined by 13.33% over the past 24 hours to $177, yet it remains up by 16% for the week.
Pal, recognized for his macroeconomic expertise, had previously foreseen an impressive surge for Solana against Ethereum on March 13: “SOL/ETH is looking like a breakout after a perfect consolidation. SOL is likely to take the lead again soon.”
Indeed, Solana demonstrated strength in its pairing with Ethereum, achieving a seven-day winning streak that culminated in an all-time high of 0.059 ETH on March 18.
Additionally, SOL reached new yearly highs of $209 in its USD pairing on March 18 before experiencing profit-taking activities.