According to U.Today, Raoul Pal, the CEO of Real Vision, has made a significant prediction for the cryptocurrency Solana (SOL), comparing its potential growth to 'slowly ripening bananas' that will be 'magnificent in the autumn.' Pal's metaphorical statement indicates his belief in a substantial future price increase for SOL. Despite the recent market downturn, Pal suggests that the current price drop could be a buying opportunity for those looking to expand their Solana holdings.
On Tuesday, Solana prices fell further, reaching intraday lows of $128, following a decline on Monday. At the time of writing, SOL was down 5.08% in the last 24 hours to $136 and down 11.46% in the previous week. Despite the bearish market trend, Pal's projection suggests that Solana could be poised for a significant rebound. Pal had previously predicted the advent of a 'banana season' for Solana, indicating a period of growth.
The cryptocurrency market plunged into a sea of red on Monday, with several cryptocurrencies losing more than 10%. The falls continued into Tuesday's trading day, with the majority of cryptocurrencies still trading in the red. The cryptocurrency market capitalization has dropped to $2.34 trillion, a 2.08% decrease in the last 24 hours. Solana fell to lows not seen since mid-April, momentarily falling below the crucial support of the daily SMA 200 at $130 before marginally rebounding.
In the event of further price declines, bears may target a drop to the critical support at $116. This level has previously provided solid support, and the bulls will attempt to defend it again. On the other hand, if the price rebounds, a break above $157 or the daily SMA 50 barrier might prompt SOL to escape range trading in the short term.