Noted crypto trader and analyst Altcoin Sherpa has issued a warning to traders about the possible demise of Solana (SOL), a major rival to Ethereum (ETH). With a Twitter following of 195,700, Sherpa predicts that Solana could experience a significant drop of more than 30% from its current value.
Analyst warns of big drop for SOL
Sherpa highlights the risk of a major collapse for Solana based on its volume profile. Analyzing the chart, he identifies the next high volume price level on the other side, which is around $14 to $15, for which the cryptocurrency last traded in January 2023.
$SOL: EMAs are all doing well on the 1D, but this is in a scary place. If this area falls, the price will probably move towards the $14-15 area. Still not really a fan of this card as of now.
(I think SOL will be fine in the long run and should be a good bet given the community). #Solana pic.twitter.com/NCWH3Nl7Xj
— Altcoin Sherpa (@AltcoinSherpa) June 1, 2023
Concerned about Solana’s chart, Sherpa says, “If this area falls, the price will probably move towards the $14-$15 area. Still not really a fan of this chart as of now.”
However, he believes that Solana will perform well in the long run and will continue to be a good investment option due to strong community support.
Also Read: Solana Price Prediction 2023, 2024, 2025: Will SOL Price Cross $25 By End Of June?
BTC’s Potential Lower Dip: Sherpa Expects $23,000 Bitcoin Level
In addition to the warning about Solana, Altcoin Sherpa also provides insight into Bitcoin’s future trajectory. He predicts that Bitcoin (BTC) is about to experience a dip, possibly hitting the $25,000 level or dropping even lower to $23,000.
According to Sherpa, several indicators point to a BTC level of $25,000, including the 200-week exponential moving average (EMA), support and resistance (SR) levels, and the .382 Fibonacci level. Sherpa suggests that this level has significant convergence, making it a logical target.
Sherpa believes that the momentum of breaking support levels is likely to push Bitcoin’s price below $25,000, possibly to $23,000, before the cryptocurrency reclaims the $25,000 level as a support level.
As of now, Bitcoin is trading at USD 26,823, reflecting a 0.8% decline in the past 24 hours. Altcoin Sherpa’s predictions and analysis serve as a warning to crypto traders, urging them to keep a close eye on Solana’s potential fall and the expected decline in Bitcoin’s price.
