Altcoin
Expert Raoul Pal Says SOL Is Oversold, Solana Price To $300?
With the broader digital currency experiencing drawdowns, Solana (SOL) price has remained in the spotlight, drawing analysts’ insights. Expert trader Raoul Pal shared a bullish comment regarding SOL price in a recent post on X. He believes the coin is at its oversold level and will likely plot a rebound soon.
State of the Solana Price
Considering his X account, Raoul Pal said SOL is at 2 standard deviations oversold on the log regression channel. He pointed out that Solana is showcasing the lowest Relative Strength Index (RSI) since the 2022 lows. Per the onchain data, the RSI dropped as low as 25.73 on February 26, way below the oversold level.
As Pal pointed out, Solana is likely to grow significantly higher in the coming month. While he is not taking new positions at the current level, he implied that this period marks the best area to buy the dip.
According to CoinMarketCap data, the price of Solana was trading for $137.16, up marginally by 0.47% in 24 hours. Although the volatility is yet to clear, SOL has recorded more than 1.2% against Bitcoin within the same period. With the current outlook, the coin has now pared off its price over the past week which has dropped by 21%.
SOL Price Historical Trend in March
The odds of Solana soaring in the coming month is high, as the coin has historically soared in March. Data from Cryptorank pegs the average growth rate in the price of Solana in March at 32.4%.
In March 2021, SOL price jumped by 49%, complemented by a 23.2% rally in 2022. While the coin saw a 3.25% retracement, growth peaked in March 2024 when it skyrocketed by 60.8%.
If historical trends play out again, the coin may pare off its losses over the past month, now pegged at 39.5%.
Potential Growth Drivers to Watch
With Coinbase’s lawsuit dismissed by the United States Securities and Exchange Commission (SEC), it implies that the claim Solana is an investment contract no longer holds. Current improving regulations in the country have indirectly placed altcoins in a positive light.
With the cases closed and the regulator clarifying that memecoins are not securities, innovators may re-ignite the meme hype. Notably, this marked one of the biggest catalysts that drove the coin’s price to an all-time high above $294.
Ultimately, the Solana ETF hype may also continue, pushing the asset into a position for adoption by institutional investors if approved. With Franklin Templeton’s SOL ETF filing submitted to the US SEC, the participation is high, pushing the approval odds higher.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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