Is Raoul Pal’s prediction of Solana hitting all-time highs against Bitcoin a myth or a reality?

• Raoul Pal’s forecast about Solana reaching ATHs against Bitcoin has sparked interest.
• SOL’s price declined by over 2% in the last 24 hours.

Forecasts from notable figures have a way of stirring excitement within the cryptocurrency community. Recently, renowned macro investor and crypto analyst Raoul Pal has caught the attention of many with his intriguing forecast about Solana [SOL].
Taking to social media platform X, Pal the founder and CEO of Real Vision Group, noted, 

“Next aim for SOL is the all time high vs BTC, having just broken its all time high vs ETH…” 

This prediction has stirred discussions and ignited curiosity about the potential future trajectory of Solana in the crypto market.

The correlation of Pal’s prediction

As SOL’s price experienced a downturn amid broader market volatility, Pal’s prediction gained attention for its boldness and timing.
The decline in SOL’s price occurred in tandem with a broader market correction, prompted by Bitcoin’s retreat earlier in the week and significant withdrawals from Grayscale’s GBTC.
Amidst this backdrop, SOL saw a notable drop, tumbling by as much as 15% alongside other major cryptocurrencies. However, amidst the market turmoil, long liquidations on Solana amounted to $26 million, reflecting the impact of the price decline on traders’ positions.
However, speaking in favor of Solana, pseudonymous crypto analyst @MartyParty added,

“Solana is blowing past Bitcoin. This will bring more validators to Solana looking to participate.”

He further urged, 

“You are here right now, early in Solana. Don’t sleep on this opportunity or get blinded by the uninformed.” 

This emphasizes the early stage of involvement in Solana and the importance of staying informed to seize opportunities.

Do Pal’s predictions hold significance?

Back on 13th March, Pal forecasted a significant rally for SOL against Ethereum [ETH], highlighting a breakout potential after a period of consolidation. He noted, 

“SOL/ETH is looking like a breakout after a perfect consolidation… SOL is likely to take the lead again soon.” 

His foresight proved prescient as Solana surged against Ethereum, marking a seven-day winning streak and reaching an all-time high of 0.059 ETH on 18th March. 
Thus, as SOL continues to make waves in the crypto space, these insights remain closely watched for their potential impact on market dynamics.

MicroStrategy takes the heat as BTC retraces to $63k

MicroStrategy stock is clearly bound to the whims of BTC’s wild price swings from now on.

• Microstrategy shares lost 13% of value in the past 5-day trading period.
• Michael Saylor has confirmed that the company’s BTC holding hit 214,246 BTC. 

MicroStrategy shares further plunged as Bitcoin [BTC] sustained losses hit +$10K from its recent high of $73.7K. 
A recent Bloomberg report established that MicroStrategy’s leveraged BTC buying strategy led to its stock’s volatility. 

“MicroStrategy sank 16% on Monday, more than 10 times the drop in Bitcoin. It slumped 5.7% Tuesday as the digital token extended a retreat from record highs.”

The tech company’s shares extended losses on 20th March. Overall, the shares have lost 13% of value in the past 5-day trading period.

MicroStrategy’s aggressive Bitcoin accumulation

Bloomberg underscored the recent MicroStrategy losses to the inherent volatility risk nature of Bitcoin. In a recent report, Bloomberg stated that; 

“The firm has been loading up on the token since 2020, making its stock a proxy for those who want to bet on the biggest cryptocurrency without buying it outright.”

As a result, Lance Vitanza, managing director of equity research at TD Cowen, told Bloomberg, “That’s the only reason to buy MicroStrategy stock, because you want to own Bitcoin.”
Interestingly, the firm maintained its unique appeal despite the new and trending US spot ETFs that offer an alternative option for investors seeking BTC exposure. 

“Beyond the appeal of the stock given the company’s ability to sell debt to fund Bitcoin purchases, another benefit is that as a share, it doesn’t charge a management fee like ETFs.”

The firm resorted to selling debt, especially convertible notes, to ramp up its BTC accumulation. 
As of March 18, 2024, Michael Saylor, the firm’s chairman and CEO, confirmed that MicroStrategy’s BTC holding hit 214,246 BTC. 
The holding translates to 1% of Bitcoin has ever been mined to date, with about a quarter of the purchase happening in 2024. 
The U.S. based company’s stock is clearly bound to the whims of BTC’s wild price swings from now on. As such, whatever impacts MicroStrategy could spill to BTC and vice versa.  
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Solana founder hits out at memecoin presales with ‘Stop doing this’ plea

Many of these coins have no intrinsic value and are simply products of the latest fad.

• More than 655,000 SOL coins have been raised from 27 pre-sale campaigns.
• These presales have divided the crypto community.

Solana [SOL] co-founder Anatoly Yakovenko urged users not to send money to memecoin pre-sales, many of which have mushroomed in recent days, creating multi-million dollar assets out of thin air.
“Stop doing this, ” Yakovenko responded to an X post by on-chain sleuth ZachXBT, which highlighted the heavy investments that have gone into raising Solana-based meme coins.

Millions worth in SOL raised

Notably, more than 655,000 SOL coins, worth $107 million at press time, have been raised from as many as 27 pre-sale campaigns. The biggest fundraiser was visual artist Dekadente, who received nearly 170,000 SOLs to seed the upcoming SMOLE token.

Similarly, pre-sale of Slerf [SLERF] fetched the creator 54,583 SOLs, while BOOK OF MEME [BOME], which ballooned to a $1 billion-market valuation recently, collected 10,132 SOL coins.

A sticking point

Many of these coins have no intrinsic value and are just products of the latest fad that has swept the crypto market, driven in part by the recent bull rally of the “more established” meme coins.
These presales have divided the crypto community with the critics questioning the rationale behind them. An X user with the pseudonym pRHO commented,

“This ruins the essence of what the user experience should be within our beloved chain. Throughout the bear market, we supported the builders, and now that spirit seems to have been overshadowed by the idea of sending money to random addresses.”

Similarly, Ki Young Ju, CEO of CryptoQuant, termed the rise of such assets as “frustrating.” He argued that developments like these overshadow the hard work done by teams who were building legit products for the industry’s advancement.
However, many users sharply differed with these views, bringing forth the argument of financial freedom – the bedrock on which the broader Web3 industry stands, or at least claims to stand.

How much are 1,10,100 SOLs worth today?

A look at price performance

While parties debate, traders continued to earn and lose money out of these tokens. After a 50% crash, BOME rebounded to gain 24% in the past 24 hours, according to CoinMarketCap. The fumble-tainted SLERF, however. fell sharply by 25%.
Meanwhile, SOL slipped back to the fifth-position in the top cryptos by market cap list after encountering a 8.5% decline.

 Bitcoin’s 13% correction – Experts have this to say about ‘for everyone’ BTC

Bitcoin’s price fluctuates amid market uncertainty, with analysts predicting potential peaks and corrections ahead.

• Bitcoin’s latest corrections have fueled a lot of questions about the crypto
• Everyone from Peter Brandt to Peter Schiff to Michael Saylor had something to say

Since the start of the week, Bitcoin [BTC] has faced a significant downturn, shedding more than 13% of its value – A sign of a significant correction from its recent upward trend.
The decline was evident as the prices plummeted to $62,900, the lowest point observed in the past fortnight.
The nearly double-digit drop in the leading cryptocurrency’s price triggered apprehension and uncertainty among market participants. Many pondered whether the unchecked growth witnessed in recent months was reaching its culmination.

Remarking on the same, experienced trader Peter Brandt shared insights on Bitcoin’s current price movement, offering a broader outlook on market sentiment. He noted, 

“This correction is healthy. BTC is in a major bull trend.”

A prominent trader associated with Binance further added, 

‘When prices go up and on-chain/perps start moving people don’t need slots anymore, they can just long the memecoin du jour on leverage.” 

Diverging views on king coin 

Moreover, on the 19th of March, Peter Schiff, a Bitcoin skeptic, noted that CNBC’s Squawk Box consistently highlights the cryptocurrency’s positive gains while frequently downplaying its declines.

“Whenever Bitcoin has a big overnight gain, it’s the lead story on @SquawkCNBC.In fact, on those days positive discussions of Bitcoin dominate the 7 AM hour.”

He elaborated, 

“Yet this morning, with Bitcoin down 6% overnight (a huge move), Bitcoin wasn’t mentioned once during the entire hour.”

The economist pointed out that despite three hours of market coverage, CNBC had failed to mention Bitcoin. According to him, this silence from CNBC allows Bitcoin whales to quietly unload their holdings.

“It’s been over three hours of market coverage and @CNBC still hasn’t mentioned #Bitcoin or their favorite stock $MSTR once. Bitcoin EFTs they’ve pumped are down 6% and $MSTR is down 16%.”

Contrary to Schiff, Bitcoin maximalist, Michael Saylor, highlighted, 

“Bitcoin is for Everyone.”

What awaits Bitcoin: Boom or Bane?

In conclusion, Bitcoin analyst Willy Woo suggests that a peak by mid-2024 wouldn’t be surprising given the rapid surge of the Bitcoin Macro Index. This could potentially signal a double pump cycle akin to 2013, with a second peak anticipated in 2025.
Echoing the same, Brandt believes that the corrections are inherent in upward trajectories, affirming BTC’s continued bullish trend. While a retest of $52,000 is possible, a rebound to $69,000 would likely invalidate this pattern, making a drop below $50,000 unlikely.