Raoul Palthe founder and Chief Executive Officer (CEO) of Real Vision, a financial news platform, revealed that Solana is in the process of reversing bearish trends. A financial expert has predicted an “excellent autumn rally” for cryptocurrency in this market cycle.
Solana Witness Big Autumn Rally
Solana’s recent downward trend may indicate a A great buying opportunity for investors who remain optimistic about the future of cryptocurrency. Being a popular supporter and long-term investor of Blame each otherPal expressed confidence in the cryptocurrency’s potential to witness significant price increases soon.
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At X (formerly Twitter) posted on June 18, Pal highlighted Solana’s current market potential, sharing a detailed price chart of the cryptocurrency, showing its price movements from July 2023 to July 2024. The analyst explained Solana’s price actions “like a banana” that “ripened” gradually, it emphasizes the constant rise of cryptocurrency to a higher value.
He also emphasized the importance of cryptocurrency growth potential and working in the midst of a market downturn, highlighting Solana’s ability to prove a “spectacular” rally in the upcoming fall season. In this context, the autumn season refers to the season of cryptocurrency characterized by the rise of money in the market followed by the first signs of market weakness, as investors take profits and increase in volatility.
Usually, the fall of crypto precedes the winter season which is the most difficult period in the market when the bears attack and the prices of the cryptocurrency fall sharply. Pal suggested that investors who wish to add more SOL to their existing funds can do so at this time to take advantage of the opportunities buying opportunities.
He revealed the current value of Solana as the first point of entry for crypto investors to position themselves ahead of the coming rally. However, several members of the crypto community expressed doubts about Pal’s prediction, including crypto analyst Jerry Jordan who said. he asked about the timeline of this proposed “banana season”.
In response to Jordan’s comment, Pal agreed that while Solana’s banana season was inevitable, continued market volatility makes the timeline of its expected rise uncertain. He emphasized that Solana will need to break free from the situation he is in side reinforcement before it sees a significant price increase.
Sharing the sentiments of Solana’s Pal, a famous crypto analyst, Ali Martinez disclosed a key support area at $141 for cryptocurrency. He pointed out that Solana’s TD Sequential is showing a big buy signal on its daily chart, predicting a rebound is possible if the cryptocurrency holds the aforementioned support level.
SOL Price Fundamentals Remain Strong Amid Downturn
The price of Solana has been high low habit recently, recording a significant decline of 19.84% since the beginning of the month. Despite the market volatility, i Solana price continued to hold above $135, underscoring strong price fundamentals amid volatile market conditions.
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According to CoinMarketCap data, Solana is trading at $139.78, representing a 0.31% increase in the last 24 hours. The cryptocurrency moves slowly towards the $150 border despite proving 8.44% refuse seven days ago.
The featured image was created with Dall.E, a chart from Tradingview.com
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