Former Goldman Sachs executive and macro expert Raoul Pal is bullish on Solana (SOL) based on his interpretation of the technical analysis.
Pal says in this week’s Global Macro Investor (GMI) newsletter that the Ethereum (ETH) competitor and 11th-largest crypto asset by market cap is “getting ready” for an upward move.
The macro guru says that Solana has undergone consolidation after completing a pattern that indicates a reversal from a bearish to a bullish trend.
“Solana looks like it’s getting ready to make its next move higher after a period of consolidation following the inverse head and shoulders breakout in April. Solana was a big bet at GMI this year and is up nearly 150% year-to-date…”
Solana is trading at $19.88 at time of writing.
Turning to stocks, the macro guru says that it appears that global equities are on the verge of rallying amid the formation of a bullish pattern.
According to the macro guru, global equities could hit a new high if a key resistance level on the All Country World Index (ACWI) index is breached. The ACWI index measures the performance of large and mid-cap equities in both developed and emerging markets.
“Global equities just look like the mirror image of the DXY [US dollar index] and appear to be forming a large head-and-shoulders bottom. We’re very close to a potential breakout now and the small bullish pennant that has formed on the right shoulder looks like just the boost needed to get us over the line. If we break 94, the measured move is new highs…”
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