Solana (SOL) fell to lows not seen since mid-April
As the #cryptocurrencymarket plummets, #raoulpal , the founder and CEO of Real Vision, has delivered an epic prediction for Solana ($SOL ), likening its potential growth to bananas that are "slowly ripening, but should be magnificent in the autumn."
Pal, in a recent tweet, shared his take on the recent Solana price action. "The bananas are slowly ripening...but should be magnificent in the autumn," he metaphorically stated, indicating his belief in a substantial future price upswing for SOL.
In light of the recent market downturn, Pal suggested that the current price drop might present a buying opportunity for those looking to increase their holdings of Solana. "If you wanted a cheeky top-up of your SOL position, this would likely be a good entry zone," he noted.
If you wanted a cheeky top-up of your SOL position, this would likely be a good entry zone... let see! The bananas are slowly ripening...but should be magnificent in the autumn. pic.twitter.com/lfQmiMgYuM
— Raoul Pal (@RaoulGMI) June 18, 2024
Solana prices fell further Tuesday, 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 market's bearish trend, Pal's projection suggests that Solana could be poised for a significant rebound. Pal had earlier predicted the advent of "banana season" for Solana. Referring to his earlier statements, Pal stated: "I always said that its coming but we dont know when exactly as the sideways #consolidation needs to break first."
SOL price action
Crypto markets 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 bulk of cryptocurrencies still trading in the red at press time. 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 SMA50 barrier might prompt SOL to escape range trading in the short term.
