Solana (SOL) has attracted the attention of former Goldman Sachs executive RaoulPal, who recently stated that Solana is one of his favorite counterfeit coins and a potential Ethereum competitor.In a new interview, Pal emphasized Solana's unique advantages, particularly its unparalleled speed and performance
Solana (SOL) has attracted the attention of former Goldman Sachs executive RaoulPal, who recently stated that Solana is one of his favorite counterfeit coins and a potential Ethereum competitor.
In a new interview, Pal emphasized Solana's unique advantages, particularly its unparalleled speed and performance. These characteristics even attracted payment giant Visa, making it choose Solana as its preferred blockchain platform.
Pal's optimism for SOL stems from its speed and excellent performance, which make it a choice for giants such as Visa.
He said, "Why did Visa choose Solana? Because it is very fast and efficient
This emotion reflects the uniqueness of Solana compared to Ethereum, as well as the potential for interconnectivity between these two blockchain ecosystems. Visa recently announced that it will provide stable currency settlement functionality on Solana, further enhancing its reputation in the cryptocurrency industry.
However, although Pal is very optimistic about Solana's prospects, the market chart tells a different story. SOL experienced a bearish market trend on August 5th, with its price falling below the key support level of $22.73. Subsequently, in mid August, the cryptocurrency experienced a significant decline, with a price drop of 23.8%.
The market value of SOL on the daily chart is currently $8 billion.
At present, Solana is still in a decline, and there are no signs of a reversal in the market pattern. The relative strength index (RSI) is still below 50, indicating that the current market is in a bearish trend. Analysts say testing a 78.6% pullback at $16.94 may provide a feasible buying opportunity, with targets of $25.5, $29, and an ambitious local high of $32. However, if the price falls below the important level of $15.5, it will make the bullish reversal prospect of 78.6% retracement unlikely.
According to CoinGecko data, as of the report release, SOL's trading price was $19.84, which has increased by 3.7% in the past 24 hours. In the past 7 days, the increase in SOL has reached 12.5%.
Compared to this, the price of Ethereum (ETH) is $1637.25, which has slightly increased by 0.3% in the past 24 hours. Within the same 7 days, ETH rose 5.5%.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
