- Pal’s concept of the “Banana Zone” refers to a market phase characterized by consistent price increases for Dogecoin.
- He views recent market conditions as a “last chance to add” to positions, with DOGE’s breakout from descending trendlines reinforcing his bullish outlook.
Wall Street veteran and Real Vision CEO Raoul Pal has suggested that the world’s largest meme coin aka Dogecoin (DOGE) could be preparing for another mega rally ahead. While referring to the “Great Banana Rotation” Pal predicts a major rally for DOGE along with other tokens like SUI.
I think next in the Great Banana Rotation is $SUI and $DOGE and probably that token that you hold too
— Raoul Pal (@RaoulGMI) November 22, 2024
Raoul Pal introduced the concept of “Banana Zone” some months back while calling it a market phase backed by consistent price increases. He emphasized the importance of patience during this period and recommended holding investments in top assets like Bitcoin, Ethereum, and Solana to reduce risk amid market volatility.
However, for investors with a higher risk tolerance, Pal suggested that they should allocate a smaller portion of their portfolio to emerging tokens such as SUI or meme coins like DOGE. Pal still insisted that these investors should have 90% invested into solid crypto projects with long-term value unlocking.
With several assets already entering the Banana Zone, Pal’s recent comments indicate that DOGE could be next, fueled by recent pop culture moments surrounding bananas, particularly involving SpaceX CEO Elon Musk and crypto entrepreneur Justin Sun.
Dogecoin (DOGE) Price Slipping Into the Banana Zone
As said, Raoul Pal believes that Dogecoin (DOGE) is the next major crypto that falls into the “Banana Zone”. This commentary comes after a recent breakout for Dogecoin, which saw the meme coin surpass a three-year high of $0.44 on November 12.
Pal’s latest remarks build on his previous bullish stance on DOGE. Earlier this month, he shared a long-term analysis of Dogecoin’s price chart, highlighting the coin’s breakout from multiple descending trendlines.
We are very close to being in the Last Chance to Add Zone in crypto. The next step should be the memes breaking out and after that there is nothing to do but wait to take lifestyle chips off the table.
Here is $DOGE leading the breakout… 1/ pic.twitter.com/rEztxyqTRr
— Raoul Pal (@RaoulGMI) November 10, 2024
As seen in the above chart, every breakout follows after a significant price surge with Raoul Pal emphasizing that the current market phase offers a “last chance to add”. The above chart shows a pattern of descending wedge formations, which historically have led to major price movements for Dogecoin.
The latest chart reveals a breakout as the DOGE price has surged above its downward trendline, reported CNF. Apart from Pal, other market analysts also foresee a rally ahead for Dogecoin. Popular crypto analyst Ali Martinez reported that Dogecoin whales have accumulated over 550 million $DOGE in the past week, totaling approximately $214.5 million!
#Dogecoin whales have bought more than 550 million $DOGE over the past week, worth around $214.5 million! pic.twitter.com/0eHqQGL3LO
— Ali (@ali_charts) November 21, 2024
As reported by Crypto News Flash, the Dogecoin network demand has surged significantly. Dogecoin has experienced a significant rise in active addresses, reaching a new record of over 1.33 million daily users. This sharp spike in network activity highlights growing demand and paints an optimistic outlook for the meme cryptocurrency.
Historically, increases in active addresses have been linked to upward price movement, as they reflect heightened investor interest and greater adoption of the asset.
