Analyst Warns SOL Of Sharp Downturn, Says SOL Has Long Way To Go

A prominent crypto expert warns Solana (SOL) owners that the innovative contract platform’s slump will continue.

In a new strategy session, the pseudonymous analyst Cheds informs his 50,200 YouTube followers that he is pessimistic about Ethereum (ETH) competitor Solana and intends to short SOL if its price rises to $15.

If a rebound does not occur, Cheds anticipates SOL’s price to decline by more than 75 per cent from its current $12.45.

“We’re basically breaking support. I think [the] next support is around $3-$4… This has got ways to go. It may not go straight [down]… But it’s not a chart that you should be looking to long. It looks, for now, like you want to avoid it.”

In addition, the crypto strategist closely monitors the player-controlled blockchain platform Gala (GALA). According to Cheds, GALA is seeing a steep decline.

“[GALA] may never make a new high during the next bull run. Maybe in the next bull run, it only gets up to $0.05. You need to find out where this bottoms. It’s just a terrible chart. It’s not a [coin] you should be holding… This is on a slow bleed to zero types of chart.”

At the time of writing, GALA is worth $0.025, an increase of 2.57% daily.

Cheds also has Bitcoin (BTC) on his radar, which he believes is reaching his bear market goal. According to Cheds, the $12,000 price region should serve as a solid support level, given that BTC bulls have successfully conquered this level after years of battle.

“The scenario I’ve been talking about now for six or seven months, which is crazy that it might be coming true… I think we have a good base of support here [around $12,000]… Multi-year from February of 2018 and then here in the middle of 2019 and then a year later, [Bitcoin got] rejected and broke above that base. That really should be supported.”

At the time of writing, Bitcoin is trading at $16,206, an increase of 2.78% in the previous twenty-four hours.