Amid Solana’s ongoing resurgence today, one former Goldman Sachs executive has revealed his massive SOL investment. Indeed, speaking on the Bankless YouTube channel, Raoul Pal revealed that a remarkable 80% of his entire crypto portfolio is committed to the digital asset.
The statement is undoubtedly an endorsement of the Ethereum rival and points to Pal and other investors’ optimism in its turnaround. Over the last 24 hours, the asset has increased as much as 10% according to CoinMarketCap. It is currently trading above $130, reversing consistent losses for the asset amid an overall market downturn.
Also Read: Solana (SOL) Weekly Price Prediction
Throughout this year, few digital assets have been on the roller coaster ride that Solana has faced. In March, the network was the face of the ongoing meme coin frenzy that took place. Indeed, it was the home to viral offerings such as Dogwifhat (WIF) and Book of Meme (BOME).
Yet, that success bred concern with the overall congestion of the network. Many users had reported a 75% transaction failure rate amid the increase in activity. However, an April 15th update has seemingly addressed those issues. Moreover, the asset has enjoyed a bit of a price resurgence to start Wednesday.
Additionally, Solana saw a massive endorsement take place when former Goldman Sachs executive Raoul Pal revealed his significant SOL investment. Pal stated that a remarkable 80% of his entire digital asset holdings are committed to Solana.
Also Read: Solana & Bitcoin Connection Drives SOL to $130 as Halving Nears
According to Pal, the decision was connected to Solana’s performance against Ethereum specifically. Throughout the last several months, the network has proven its worth, surpassing Ethereum in daily DEX volume on separate occasions.
Even more interesting is that Pal was an initial supporter of Ethereum. However, he was lured to SOL investments based on metric data and market trajectory. Specifically, the last several years have seen it surge from a closing price of less than $10 in 2022 to its current $139 value.
Additionally, it should continue to increase throughout the year. Although it is currently down more than 36% over the last month, it is following a wider market trend. Moreover, its connectivity to Bitcoin is encouraging. Specifically, it should be able to benefit greatly from the impending Bitcoin halving event.
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
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