A closely followed crypto analyst is warning Solana (SOL) holders that the smart contract platform’s downtrend is likely far from over.
In a new strategy session, pseudonymous analyst Cheds tells his 50,200 YouTube subscribers that he’s bearish on Ethereum (ETH) rival Solana and that he plans to short SOL should it bounce to $15.
If a bounce does not materialize, Cheds says he expects SOL to correct by over 75% from its current price of $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.”
The crypto strategist is also keeping a close watch on the player-controlled blockchain platform Gala (GALA). According to Cheds, GALA is witnessing a severe downtrend.
“[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 have no idea 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 type of chart.”
At time of writing, GALA is valued at $0.025, up 2.57% on the day.
Cheds also has his radar locked on Bitcoin (BTC), which he says is approaching his bear market target. According to Cheds, the $12,000 price area should act as strong support considering that BTC bulls managed to conquer that level after years of struggle.
“The scenario I’ve been talking about now for six or seven months, which is crazy that it might actually be coming true… My thinking was that we got 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 support.”
At time of writing, Bitcoin is trading at $16,206, up 2.78% in the last 24 hours.
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This article has been originally published at: https://dailyhodl.com/2022/11/23/popular-analyst-warns-steep-correction-in-sight-for-solana-says-sol-has-ways-to-go-heres-his-target/