Raoul Pal, the founder and CEO of Real Vision, has made an epic prediction for Solana (SOL), likening its potential growth to bananas that “ripen slowly but should be great in the fall.”
In a recent tweet, Pal shared his thoughts on Solana’s recent price movements. Using a metaphor, he stated, “The bananas ripen slowly… but should be great in the fall,” indicating his belief in a significant price increase for SOL in the future. Amid the recent market downturn, Pal suggested that the current price dip might be a buying opportunity for those looking to increase their Solana holdings, describing it as “probably a good entry point.”
On Tuesday, Solana’s prices fell further, hitting intraday lows of $128 following a decline on Monday. At the time of writing, SOL had dropped 5.08% in the past 24 hours to $136, and had decreased 11.46% over the previous week.
Despite the bearish market trend, Pal’s forecast suggests that Solana may be poised for a substantial rebound. He previously predicted a “banana season” for Solana, referring to his earlier remarks: “I always said this would come but we don’t know exactly when—the sideways consolidation needs to break first.”
SOL Price Movement
Cryptocurrency markets were engulfed in red on Monday, with many cryptocurrencies losing over 10%. The declines continued into Tuesday’s trading, with most cryptocurrencies still in the red at the time of writing. The total cryptocurrency market cap fell to $2.34 trillion, a decrease of 2.08% over the past 24 hours.
Solana’s price fell to levels not seen since mid-April, temporarily dropping below the critical support level at the 200-day simple moving average (SMA) of $130 before marginally rebounding. If prices continue to decline, bears might target a drop to the crucial support level at $116, which has previously provided strong support and will likely be defended by bulls again.
Read more Major Whale Transactions See Over $372 Million in Solana (SOL) Moved Amid Market Downturn
On the upside, if the price rebounds, breaking above $157 or the 50-day SMA barrier could enable SOL to escape its current trading range in the short term.
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