Bitcoin Advocate Warns of Potential Price Crash For Solana
Max Keiser, a prominent advocate for Bitcoin, has expressed skepticism regarding Solana (SOL), often seen as a rival to Ethereum (ETH).
Keiser’s apprehension centers on his prediction of a drastic plummet in SOL’s value, suggesting it could sink to $20, marking an anticipated 80% drop from its current market standing. His warning extends to potential investors, citing several risks associated with SOL:
He emphasizes the risk of losing considerable purchasing power in comparison to Bitcoin and warns of the vulnerability to sudden market swings, which might result in repeated ‘rug pulls.’ Keiser also points out the likelihood of mistimed market entries leading to a series of losses.
In addition to his insights, Keiser, along with his spouse Stacy Herbert, holds advisory roles at El Salvador’s National Bitcoin Office, lending credibility to their opinions within the cryptocurrency realm.
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In a separate analysis, an anonymous trader operating under the pseudonym Altcoin Sherpa echoed Keiser’s concerns, predicting a potential decrease in SOL’s value, estimating a range between $84.50 and $71.67 based on Fibonacci retracement levels. Despite SOL’s significant liquidity, Altcoin Sherpa suggests a possible cooling-off period, indicating a potential decline to the $70-$80 range.
At present, SOL is trading at $101 after a 3% decline in the past 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
