Macro guru Raoul Pal says that despite XRP looking very strong, one Solana (SOL) killer is set to outperform it.
In a new strategy session, Pal takes a look at Sui against XRP (SUI/XRP) and suggests that the trading pair is in a long-term ascending channel and has already touched the bottom range, implying that a move to the upper level is now in play.
“Another interesting chart that I quite like is XRP [which] has been super strong, but really, what we’ve seen is the upward trend of SUI outperformance. We hit the bottom of the trend channel and we’re likely to outperform XRP going forward again in that ongoing relative outperformance. That’s not to say XRP goes down, I’m just giving you the perspective of these cross-rates to understand the nuance of markets.”
The Real Vision CEO says that something similar is happening on the SUI/SOL chart. According to Pal, SUI/SOL has completed an inverse head and shoulders on the weekly chart and is in the midst of confirming a breakout after printing the second shoulder.
“The other thing that I look at is I look at the cross rates between various cryptos to try and pick the strongest one. I’ve already shown that Solana is very strong, and to expect it to keep going higher.
But when I compare SUI against Solana, it’s starting to break out from this inverse head and shoulders pattern, which suggests to me, that I would switch more assets from Solana into Sui. That’s not saying Solana is going to go down. In fact, I think Solana does extremely well and you should be overweighted there because it is a second cycle, more proven protocol while SUI is newer and riskier.
But It looks like the alpha is going to come from the new token, the new performer of SUI.”
At time of writing, SUI is trading at $4.18.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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