Popular Analyst Warns Steep Correction in Sight for Solana, Says SOL Has Ways To Go Heres His Target

A closely followed crypto analyst warns Solana (SOL) owners that the smart contract platform’s downtrend is likely not over yet.

In a new strategy session, pseudonymous analyst Cheds told his 50,200 YouTube subscribers that he is bearish on Ethereum (ETH) rival Solana and plans to go short if SOL bounces back to $15.

If the bounce doesn’t materialize, Cheds said he expects SOL to revise more than 75% from its current price of $12.45.

We are basically suspending support. [the] Next support is around $3-$4… There’s still a way to go on this one.may not go straight [down]but thats not the chart to watch in the long run. It sounds like you want to avoid it for now.

Crypto strategists are also eyeing player-controlled blockchain platform Gala (GALA). According to Cheds, GALA is witnessing a serious downtrend.

“[GALA] It may never make new highs in the next bull market. In the next bull market, it may only go as high as $0.05. You never know where this bottoms out. It’s just a terrible chart.is not [coin] Must holdThis is a slow bleed to zero type chart.

At the time of writing, GALA is valued at $0.025, up 2.57% on the day.

Chez has also turned his radar on Bitcoin (BTC), saying it is nearing its bear market target. According to Cheds, the $12,000 price point should serve as strong support given that the BTC bulls have overcome that level after years of struggle.

I can’t believe that the scenario we’ve been talking about for the last six or seven months can actually come to fruitionI think we’ve got enough support here. [around $12,000] several years from February 2018, then mid-2019, and a year later, [Bitcoin got] Rejected and broken beyond its base. It should be really supportive.

At the time of writing, Bitcoin is trading at $16,206, up 2.78% over the past 24 hours.

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