Is Solana preparing to rise to $1,000?

Solana Attack


IMPORTANT POINTS:

  • An expert has claimed that Solana will be the third most valuable cryptocurrency in the world, behind Bitcoin and Ethereum.
  • Raoul Pal, co-founder of Real Vision Group, admitted that 90% of his portfolio is made up of SOL.
  • Solana has currently accumulated an increase of more than 16% in the last week and more than 45% so far this year.

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Crypto expert Raoul Pal is very optimistic about the future of Solana in terms of price and especially its technological evolution.

Such is the analyst’s conviction that he assured that SOL is on its way to becoming the third most valuable cryptocurrency in the world, behind Bitcoin and Ethereum.

“It takes patience, these things don’t come instantly, but when they do, they can change your life,”  Pal said confidently.

He also highlighted that 90% of his portfolio is currently made up of Solana and that he fully trusts the altcoin in the long term.

Where is Solana going?

According to Pal’s technical analysis, the charts indicate a wedge formation that coincides with an uptrend, which could extend into early 2025.

However, we must focus on the positive fundamentals, such as the technology offered by Solana in terms of NFT compression, which allows for scalable and cost-effective management of non-fungible tokens (NFTs).

In addition, the expert also highlighted the innovations of Blink, Fire Dancer and ZK compression, which will help improve transaction processing within the network and lead to greater adoption.

Zhu Su, founder of the now-defunct cryptocurrency hedge fund Three Arrows Capital, recently claimed that SOL is on its way to rising to $1,000. To do so, the approval of a SOL spot ETF will be key.

The price of Solana

Since March, the price of SOL has been sideways, although it stands out for having surpassed BTC and ETH since October and for the significant loss after reaching 208 USD.

Solana is now up over 16% in the past week and over 45% year-to-date to trade at $147.