Evan Van Ness, a well-known Ethereum supporter and Solana critic, said that the “Ethereum killer” might sink to zero, as the technical analysis given by other users predicts a further 82% drop from the present price to 2021 levels.
The expert provided his forecast for SOL’s price on a three-day chart, drawing parallels to the cryptocurrency’s prior periods of rising and fall. In April 2022, the price of SOL increased by more than 80%, before experiencing a near-immediate decline of 82% two weeks later.
Since hitting a local low point in June, Solana has successfully rebounded with an 87% price rise to reach $47. Following the cryptocurrency market’s downturn on August 14, SOL began a local decline and is now losing more than 25 percent of its value.
The expert speculates that the asset will undergo a similar slump that would result in an 80% decline, placing SOl at a level not seen since 2021.
The purported 80% dump prediction is based only on the historical performance of the assets, which is not usually an accurate method for predicting movements in the near future. A price decline of this magnitude could only occur with the “assistance” of the whole bitcoin market.
In the event that the price of Ethereum or BTC falls by at least 40%, Solana may join the amplitude downturn and get close to $10. Regarding intrinsic value, the network has shown its capacity to contain hundreds of decentralized projects and operate correctly, but with less stability than desired.
Also Read: BendDAO Suffers Financial Crisis As Ethereum Reserves Run Out
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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