Top Crypto Trader Predicts 30% Drop in ETH Rival, Says BTC Will Also Fall

One of the most popular crypto strategists is warning traders that a big competitor to Ethereum (ETH) is about to drop.

Pseudonymous analyst Altcoin Sherpa tells his 195,700 Twitter followers that Solana (SOL) could see a more than 30% decline from its current value.

Sherpa says that Solana’s volume profile shows that there is a chance of a big crash. If you look at his chart, the next price level with a lot of trades is between $14 and $15, which is where it was in January 2023.

“SOL: EMAs (exponential moving averages) all doing ok on the 1-day but this is at a scary spot. If this area falls, price is probably headed to the $14-$15 area. Still not really a fan of this chart as of now. (I do think that SOL will be fine long term and should be a decent bet given the community).”

At the time of writing, Solana is selling for $20.70, which is an increase of 0.1% over the last 24 hours.

Next Sherpa says that the price of Bitcoin (BTC) is about to drop to at least $25,000 or even lower to $23,000.

“BTC Update: I still think $25,000 has too much confluence to not get tapped. I’m still waiting for the next low to form as well. Past lows have shown a shakeout to start it, let’s see if we make it to $23,000 or so.”

Sherpa expands on his theory in a new strategy session video. He says that the 200-week EMA, the support and resistance level (SR), and the.382 Fibonacci level all point to a $25,000 BTC level.

“This $25,000 level would make a lot of sense to me personally. And the reason is that it’s the 200-week EMA, S/R (support/resistance) level here and as we scale down to the daily it’s also the 200-day EMA as well. And it’s also the .382 [Fibonacci]…

There’s just a lot of confluence here with $25,000.”

He thinks that the trend of breaking support levels will cause Bitcoin to drop below $25,000, maybe as low as $23,000, before the $25,000 level becomes support again.

At the time of this writing, the price of Bitcoin is $26,823. This is 0.8% less than it was 24 hours ago.