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Veteran Investor Raoul Pal Predicts A 20x Rally in Solana (SOL) Price

The veteran investor compared the current setup in the Solana price with that of Ethereum hitting a low in 2018, and a 47x price surge later.
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Veteran Investor Raoul Pal Predicts A 20x Rally in Solana (SOL) Price

Over the last week, Ethereum-killer Solana (SOL) has been leading the altcoin market rally with 14% gains, while other top ten cryptocurrencies have given flat returns. As of press time, Solana (SOL) is trading 3.2% up at a price of $$21.83 and a market cap of $8.7 billion.

Veteran investor Raoul Pal has recently shared his strong bullish view on Solana’s (SOL) price surge going ahead. During his recent interview with InvestAnswers, Pal said that Solana could pretty much follow in the footsteps of Ethereum after ETH hit a low in 2018.

Back then, the ETH price surged by a staggering 47 times. Pal says that even if Solana doesn’t replicate the Ethereum performance, it could at least surge by 20 times. He added:

“There’s a potential, a possibility [of] a dream scenario that Solana does what ETH did from the 2018 low, which was a 47x. And so [the] Solana low was $9, so you could do the math, the numbers are potentially very interesting – that it’ll be 20-something X from here for Solana.”

He believes that this estimate makes sense considering Solana’s well-established protocol and the notable growth in network and ecosystem activity.

If Pal’s positive prediction proves to be correct, the price of Solana could potentially exceed $400 in the future. This would represent a substantial increase from its previous highest value of $259.96 reached in the previous bull market.

Solana Sees Strong Inflows

As said, Solana (SOL) has been on a strong footing over the last week taking a contrarian view to the broader crypto market. The current buying pressure in Solana is influencing the SOL price trajectory while comfortably holding above the $20 support level.

There’s no specific catalyst behind the current SOL price rise, but a few things to consider. A noteworthy example is the partnership between Coca-Cola in Serbia and Solana NFT platform SolSea. They have joined forces to offer non-fungible tokens (NFTs) during a music event. As part of this collaboration, Coca-Cola will provide 100 exclusive hoodies along with accompanying NFTs to chosen participants.

It will be interesting to see if SOL can continue with its price trajectory going ahead.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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