Former Goldman Sachs executive and macro expert Raoul Pal is leaning bullish on a large-cap Ethereum (ETH) competitor.
Pal tells his 1.1 million followers on the social media platform X that there “literally couldn’t be a more bullish long-term chart” than that of Solana (SOL) on the weekly time frame.
“When it breaks higher, it’s going to ACCELERATE.”
Based on Pal’s one-week chart, it appears that the macro guru is suggesting that Solana broke out of a descending channel and is now targeting to go above the resistance level around the all-time high price of just above $260.
Solana is trading at $240 at time of writing.
Next up is Ethereum. According to the former Goldman Sachs executive, Ethereum will experience a “spectacular” rally if and when it breaks out above the upper boundary of a symmetrical triangle pattern that has formed on the weekly time frame. In technical analysis, a symmetrical triangle pattern is bullish if the price breaks out of the upper border.
According to Pal, Ethereum has two options going forward.
“Maybe it pulls back first to gather steam or maybe it sails straight through.”
Ethereum is trading at $3,913 at time of writing.
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Generated Image: Midjourney
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