In a blog post originally published for his clients in January, the former Goldman Sachs executive laid out his prediction for SOL’s long-term future.
According to Pal, SOL’s downtrend last year and its recent recovery are reminiscent of Ethereum’s performance over a three-year period.
Raoul Pal says that in 2018, Ethereum completed a five-wave downtrend before rising to its all-time high of $4,742 in November 2021.
“With SOL, I think we are seeing a repeat of ETH in 2018: a 5-wave fall of 95%. Here is ETH (it rose 46x from the low in 2018 to the high in !)”
Looking at Solana, Pal believes that SOL has also completed a five-wave downtrend and now appears poised for a burst to the upside.
“Here is SOL…”
SOL is trading at $21.15 at time of writing. The 11th-ranked crypto asset by market cap is up 4.70% in the past 24 hours.
Meanwhile, ETH is trading at $1,933 at time of writing and is up nearly 4% in the past 24 hours.
Pal believes that the leading smart contract platform’s total addressable market is much larger than Bitcoin’s.
“Ethereum is a broader basis architectural protocol of which we can build more stuff on top of. Bitcoin just doesn’t do that. It has a different use case. So it’s unlikely to be as big.
Is the internet worth more than gold? Yes, simple as that, and that’s basically the argument here.”Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney