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A popular cryptocurrency analyst is rolling out his predictions for Solana (SOL) and several other altcoins following this month’s plunge in the digital asset market.
Pseudonymous trader Altcoin Psycho tells 10,700 YouTube subscribers that if Bitcoin (BTC) prices remain stable, SOL could jump to $17 before crashing again .
All in all, he thinks Solana will probably fall below the $12 level and crash to $3 given the network is still in a “stall” state.
SOL is trading at $13.07 at the time of writing. The 17th largest crypto asset by market capitalization is up 14.62% over the past 24 hours.
Altcoin Psycho is even more bearish on decentralized derivatives exchange Serum (SRM). Analysts believe the project’s overlap with the crumbling crypto exchange FTX will cause the project to crash and burn to $0.
SRM is trading at $0.251363 at the time of writing. The 212th largest crypto asset by market capitalization is up more than 7% in the last 24 hours.
Altcoin Psycho warns subscribers to avoid FTT, FTX’s collapsed native token.
“Never buy unless you want to trade short term. And the problem is, you’ll be trading with other degenerates who want to turn this thing over very quickly, so no organic bidding.” So yeah, in my opinion, don’t buy this for the long term deal. It looks terrible, but this will be $0. Ultimately.”
Analysts are also bearish on decentralized exchange SushiSwap (SUSHI). I see no reason to buy this token, he said. He thinks it could go down to $1 and go down further.
SUSHI is trading at $1.21 at the time of writing. His 128th place cryptocurrency by market capitalization is up more than 7% in the last 24 hours.
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Featured image: Shutterstock/studiostoks
