Top Cryptoanalyst Warns of Additional Disadvantages for Ethereum Rival Solana (SOL), Updates Bitcoin (BTC) Forecast
A popular crypto strategist issues a warning to investors and traders of Ethereum (ETH) competitor Solana (SOL).
Crypto-analyst Justin Bennett tells his 101,900 Twitter followers that Solana has broken down from its diagonal support after an upside forgery and now appears to be heading for lower levels.
“The markets were choppy over the weekend as expected, but so far so good with this SOL fake from last week.
Beautiful lower high to short on that retest. And now trades under this channel.
$ 33.80 and $ 31 are next, in my opinion. “
At the time of writing, Solana is changing hands for $ 34.14, down 3.44% in the last 24 hours.
As for Bitcoin (BTC), the crypto strategist believes that BTC’s short-term price actions are still largely influenced by the S&P 500. Bennett also says that the S&P 500 looks bearish after failing to move above a key level.
“The S&P 500 failed to close above 3,900 last week. Get below this short-term trend line [3,750], and 3,640 are probably next, followed by the 3,400 pre-Covid altitude. 3400 is just a matter of time, in my opinion. “
According to Bennett, a transition to 3400 for the S&P 500 BTC puts another significant correction at risk.
«3400 is about 12% below today’s level.
The last time the S&P 500 fell 12%, the BTC lost 33%.
This does not mean that it will repeat itself exactly, but a fall of 20-30% from Bitcoin is reasonable if the S&P 500 tests 3400. “
At the time of writing, Bitcoin is changing hands for $ 19,903. A 30% haircut will cost BTC around $ 14,000.
Don’t miss a beat – Subscribe to have crypto email alerts delivered directly to your inbox
Check price action
Follow us on TwitterFacebook and Telegram
Surf The Daily Hodl Mix
 
 
Disclaimer: Opinions expressed by The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note 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 purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock / Sergey Nivens / monograph
