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A high-profile cryptocurrency strategist has warned Solana (SOL) holders that Ethereum (ETH)’s top challenger could spiral out of control.
In a new strategy session, anonymous analyst Altcoin Psycho said Solana is on the verge of a major collapse as the 9th largest crypto asset by market capitalization struggles to maintain high timeframe support levels. said it is possible.
I really, really like the way Solana looks. I’m patiently waiting to see if this level ($25) will be broken, I think everyone is looking at about the same level.
Will it break? I don’t know, but if there is a strong candidate who seems to run a little wild, I think it’s Solana.”
In addition to SOL’s weak price performance, Altcoin Psycho also said that new market participants who invested in Solana last year when the smart contract platform was on the rise are now suffering heavy losses.
Analysts say these investors may sell their holdings at a loss in favor of a new crypto asset touted as the “Solana killer.”
Personally, I think Aptos (APT) and Sui (SUI) will be shiny new toys for a while, especially since they’re marketed as ‘Solana killers. I think they can take some liquidity away from Solana. [of Solana]
There are still many people lurking in Solana. I think inexperienced traders are surprised that Solana looks like that, especially if it’s their first time dealing with a bear market… so you take it that everyone on Twitter talks about Aptos and Talking about Sui, combined with the fact that we’re talking about these Solana killers…
If there’s one token, one big token, big major that’s a prime candidate to beat support at the major level, I think it’s Solana.
At the time of writing, Solana is trading at $28.99, up nearly 4% for the day.
https://www.youtube.com/watch?v=YRv5OcKgSBY
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