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Coin Bureau host Guy has issued a warning that top Ethereum (ETH) competitors face more downside risk in FTX Fallout.
coin bureau host To tell His 2.17 million YouTube subscribers say the collapse of the FTX cryptocurrency exchange has made Solana’s (SOL) bleak future.
As distressed cryptocurrency exchange and digital asset hedge fund Alameda Research disposes of its holdings in Ethereum rivals to repay affected users and creditors, Solana is set to take over, according to the host. It will come under severe selling pressure.
In any case, it is clear that demand for SOL is declining and it is easy to understand why.
Some question Solana’s future. And this is largely due to the large amount of his SOL that FTX and Alameda will be forced to sell once the time comes to compensate creditors.
Guy said Solana could fall as a result, aided by the fact that the cryptocurrency market likely has not bottomed out yet. Based on technical analysis, the Coin Bureau host says that Solana could fall about 40% from current levels.
Worse yet, the crypto bear market has probably not bottomed out yet.
Its long-term price chart suggests that SOL may drop to $8. This would match the estimated loss rates of other large altcoins.
Solana is trading at $13.68 at the time of writing, down more than 50% over the past two weeks.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
