Raoul Pal, a renowned macroeconomist and CEO of Real Vision, has shared his optimistic outlook on two cryptocurrencies, Solana (SOL) and Sui (SUI), for the long term.
Pal believes Solana (SOL), the fifth-largest cryptocurrency by market capitalization, is “stupid bullish” on long-term timeframes. In his analysis, he pointed out that Solana has recently broken a major resistance level on its chart, which has held it back for over four years.
He suggests that for Solana to continue its upward momentum, it needs to maintain its price above its November 2021 high, which is over $250. Based on his analysis, Pal’s target for Solana’s price discovery is $410, as indicated by the Fibonacci level of 1.618.
Solana’s current trading price is around $216, having a decline of about 1% in the last 24 hours. The excitement around Solana is further fueled by the announcement of Winternitz Vault, a new solution employing quantum-resistant hash functions to protect Solana from quantum computing attacks.
However, Pal also cautioned that Solana’s supply will face large-scale token unlocks in Q1 2025, which could create selling pressure in the market. Despite this, he remains optimistic about Solana’s long-term potential.
In addition to Solana, Pal is also optimistic about Sui (SUI), a relatively new cryptocurrency. He highlighted Sui’s recent price action, where it broke through a significant resistance level at $4.88.
Following this breakout, Sui’s price reached a new all-time high of $5.30. The trading volume for Sui surged almost threefold in just 24 hours, reaching $2.45 billion, indicating strong market interest and the potential for continued price growth.
Sui’s momentum is expected to continue, as Pal believes the cryptocurrency is ready to “go into hyperspace” after breaking through this key resistance.
Despite Phantom Wallet dropping plans to launch a native token, the Solana community is still expecting massive airdrops from projects like Sonic (SONIC) and Jupiter (JUP), which could further drive interest in Solana-related projects, including Sui.
Also Read: Solana Co-Founder Sued Over Misuse of Ex-Wife’s SOL Tokens
