In a new edition of Pal’s Global Macro Investor (GMI) newsletter, the former Goldman Sachs executive says that Solana entered an uptrend after breaking out of a classic bullish pattern.
“SOL broke out from its inverse head-and-shoulders last month and is now up over 475% year-to-date. This has been one of our core trades at GMI (Global Macro Investor) this year and has worked out really well.”
Source: Raoul Pal/Substack
However, he warns that SOL will likely retrace after the sudden surge based on the relative strength index (RSI), a widely used momentum indicator that aims to determine if an asset is overbought or