Raoul Pal Is Bullish On This Surprising Altcoin
The famed crypto investor Raoul Pal is long on Solana.
Covered:
- Solana Looking Good
- The Solana Ecosystem
Solana Looking Good
Crypto:
The SOL/ETH chart is super interesting. SOL has been relatively quiet in recent times but this chart is getting very close to breaking out. I have a feeling that there is a lot more to come from the Solana ecosystem #Solana Ive been long for a year or so now. pic.twitter.com/XINgIDe92e
— Raoul Pal (@RaoulGMI) April 2, 2022
Solana has been on an uptick of late. The proof-of-history smart contract protocol struggled in 2022 — after an extended run throughout 2021 — until last week when it was announced that Solana NFTs will be available through OpenSea sometime in April.
Thanks to that, Solana is up 35% in the last week. The SOL token is currently trading in the $136 USD range.
Though, according to Raoul Pal, it’s not just catalysts that make Solana an appealing investment. The famed investor pointed out via Twitter, “The SOL/ETH chart is super interesting.” If you look above, it appears the chart might be painting a flag — if you’re into that sort of thing.
Pal added, “SOL has been relatively quiet in recent times but this chart is getting very close to breaking out. I have a feeling that there is a lot more to come from the Solana ecosystem #Solana Ive [sic] been long for a year or so now.”
The Solana Ecosystem
The Solana ecosystem showed incredible strength in the fall, especially with the high prices their NFT projects like Degenerate Ape Academy were selling for.
However, the ecosystem has since faltered. NFT project Solana Monkey business has done well for itself, but others on the protocol haven’t gained traction. Ethereum continues to be the most player in the NFT scene by far. Solana has failed to make much of a dent in DeFi. Its current TVL puts it in fifth, according to DeFi Llama.
It’s unclear if technical issues have led to the troubles with adoption — or just straight up ETH dominance. Nevertheless, Pal is still bullish long-term on the ecosystem. Though, he didn’t give any specifics on what could take Solana to the next level.
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The post Raoul Pal Is Bullish On This Surprising Altcoin appeared first on CryptosRus.
Text source: CryptosRus
