A well-known analyst issues a warning that Solana will experience a steep correction and identifies his target as SOL
A well-known crypto analyst warns Solana (SOL) holders that the cryptographic protocol platform’s decline probably still needs to be done.
Pseudonymous analyst Cheds recently updated his strategy session on YouTube, telling his 50,200 followers that he is pessimistic about Solana, a competitor of Ethereum (ETH) and that he intends to short SOL should it rise above $15.
Cheds predicts that SOL will decline from its current price of $12.45 by more than 75% if such a bounce somehow doesn’t occur.
“We are effectively breaking support. The following support will be between $3 and $4. This still has a ways to go. It might not drop [straight down]… However, it would be best if you only looked at this chart briefly. For the time being, you want to steer clear of it.
The blockchain platform Gala, which players own, is also under the strategist’s strict observation (GALA). However, Cheds reports that GALA is in severe decline.
GALA’s value at the time of writing is $0.025, up 2.57% from the previous day.
Cheds also has his radar locked on Bitcoin (BTC), which he says is approaching his bear market target. According to Cheds, the $12,000 price area should be solid support, considering that BTC bulls managed to conquer that level after years of struggle.
“The situation I’ve been discussing for the past six to seven months is bizarre in that it would be happening… We had a solid foundation of support here (about $12,000). Dynamic from February of 2018 to the end of 2019 again a year later, [Bitcoin] got blocked and broke above that foundation. That needs to be considered support.”