Solana (SOL) has caught the attention of former Goldman Sachs executive Raoul Pal, who recently declared it one of his top altcoin picks and a potential contender for Ethereum dominance.
In a new interview, Pal highlighted Solana’s incredible durability, highlighting its unmatched speed and performance, qualities that even prompted payment giant Visa to choose it as their platform of choice. .
Pal expressed his enthusiasm for SOL, calling it one of his top altcoin choices and a contender for the best project outside of Ethereum. The crypto luminary also shed light on the growing influence of Solana’s co-founder, Anatoly Yakovenko, known as Toly, on the cryptocurrency scene.
Pal’s strong position in Solana comes from its speed and exceptional performance, characteristics that have caught the attention of even giants like Visa.
“So, why does Visa use Solana? Because it’s fast. It’s fast, and it works great. “
This sentiment represents Solana’s differentiation compared to Ethereum and shows the potential for interconnectivity between these blockchain ecosystems. Visa’s recent announcement of its entry into Solana’s stablecoin settlement capabilities further strengthens its credibility in the industry.
Solana: Recent Market Performance And Outlook
Despite Pal’s optimistic outlook, the charts tell a different story for Solana. On August 5th, SOL experienced a bearish market structure as its price fell below the crucial $22.73 support level. Then, in mid-August, the cryptocurrency suffered a sharp decline, witnessing a staggering 23.8% decline from its recent peak.
SOL market cap currently at $8 billion on the daily chart: TradingView.com
Prevailing Bearish Momentum
For now, Solana is still holding on to this downtrend, with its market structure yet to show signs of a change. The Relative Strength Index (RSI) remains below the critical 50-point mark, highlighting the prevailing bearish momentum. An important line of defense for the bulls is the 78.6% retracement level at $16.94.
According to analysts, a test of this support level could offer a viable buying opportunity, potentially targeting local highs of $25.5, $29, and an ambitious $32. However, a break below the $15.5-mark will eliminate any hope of a bullish reversal at the 78.6% retracement level.
SOL price action in the last week. Source: Coingecko
During the reporting period, SOL was trading at $19.84 at CoinGecko, showing a 3.7% gain in the last 24 hours. Over the past seven days, SOL has shown a commendable rally of 12.5%.
In contrast, Ether (ETH) is priced at $1,637.25, marking a modest 0.3% increase over the past 24 hours. In the same seven-day period, ETH recorded gains of 5.5%.
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Featured image from Britannica