Raoul Pal, the CEO of Real Vision and former Goldman Sachs executive, believes that one of Solana’s rivals is poised to make significant progress after breaking through a crucial resistance level. Pal, who has 1.1 million followers on the social media platform X, predicts that the layer one blockchain Sui (SUI) will experience a breakout rally following its recent surge past its previous all-time high of around $5.

Pal states, “SUI pressing its nose against the ceiling… after this, it should go into hyperspace.” Since Pal made this statement, SUI has indeed rallied and is currently trading at $5.28.

Turning his attention to Solana (SOL), Pal expresses bullish sentiments towards the cryptocurrency. He shares a chart indicating that SOL has broken out of a channel, with the upper limit transitioning from resistance to support. Furthermore, SOL is gradually surpassing the psychological resistance at its all-time highs.

Pal asserts, “The long-term SOL chart is stupid bullish…” As of now, SOL is trading at $215.

Previously, Pal had advocated for SUI to play a significant role as the “chosen one” in this market cycle and surpass Solana. In an interview on the When Shift Happens podcast with Kevin Follonier, Pal explained that he supports SUI because he believes it has the best chance of succeeding. He acknowledges the potential success of Solana but emphasizes that the “next chosen one” could potentially outperform it to such an extent that it becomes a riskier trade. Therefore, Pal advises caution and does not recommend a full-size bet on this particular cryptocurrency.

For Pal, SUI is the favored choice, not only because he is affiliated with the foundation but also because he waited for confirmation through price action. He observed SUI’s general outperformance compared to Solana, Ethereum (ETH), and Bitcoin, as well as the breakout of multiple tokens. Pal states, “At that point, I felt comfortable saying, ‘Listen, this may be the chosen one.'”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook, and Telegram

Surf The Daily Hodl Mix

Generated Image: DALLE3