Crypto strategist issues Solana warning, says SOL good candidate to crumble out of control
A closely watched crypto strategist is issuing a warning to Solana (SOL) holders, saying the top Ethereum (ETH) challenger could spiral out of control.
In a recent strategy session, pseudonymous analyst Altcoin Psycho says Solana could be on the verge of a major breakout as the ninth-largest crypto asset by market capitalization struggles to stay above a high timeframe support level.
“I really like this one. I really like the way Solana looks, and what I mean by that is I think it looks like sh*t. I think it’s going to go lower and that really excites me. I have no short term accumulation plans on Solana I am patiently waiting to see if this level ($25) breaks I think everyone is looking at pretty much the same level.
Will it break? I don’t know, but if anything is a good candidate crumbling out of control, I think it’s Solana.”
On top of SOL’s weak price action, Altcoin Psycho also says that new market participants who invested in Solana while the smart contract platform was on the rise last year are now nursing big losses.
According to the analyst, these investors may sell their holdings at a loss in favor of new crypto assets designated as “Solana killers.”
“I personally think that Aptos (APT) and Sui (SUI) will be the shiny new toys for a little while, especially because they are marketed as the ‘Solana killers.’ the inexperienced traders who came in at the top [of Solana]…
There are still a lot of people underwater in Solana, and I think your less experienced traders right now, especially if this is their first time dealing with the bear market, they’re probably scared off by Solana looking the way it does… So you combine that with the fact that everyone on Twitter is just talking about Aptos and talking about Sui, talking about these Solana killers….
I think if there’s one token, one big token, one of the big majors that’s a prime candidate to break a big support level, I’d say it’s Solana.”
At the time of writing, Solana is changing hands for $28.99, up nearly 4% on the day.
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