Popular Analyst Warns Steep Correction in Sight for Solana, Says SOL Has Ways To Go – Here’s His Target
A intently adopted crypto analyst is warning Solana (SOL) holders that the good contract platform’s downtrend is probably going removed from over.
In a brand new technique session, pseudonymous analyst Cheds tells his 50,200 YouTube subscribers that he’s bearish on Ethereum (ETH) rival Solana and that he plans to brief SOL ought to it bounce to $15.
If a bounce doesn’t materialize, Cheds says he expects SOL to appropriate by over 75% from its present value of $12.45.
“We’re mainly breaking assist. I feel [the] subsequent assist is round $3-$4… This has bought methods to go. It might not go straight [down]… But it surely’s not a chart that you need to be trying to lengthy. It appears, for now, such as you wish to keep away from it.”
The crypto strategist can also be retaining a detailed watch on the player-controlled blockchain platform Gala (GALA). In accordance with Cheds, GALA is witnessing a extreme downtrend.
“[GALA] might by no means make a brand new excessive in the course of the subsequent bull run. Perhaps within the subsequent bull run, it solely will get as much as $0.05. You haven’t any thought the place this bottoms. It’s only a horrible chart. It’s not a [coin] you need to be holding… That is on a gradual bleed to zero kind of chart.”
At time of writing, GALA is valued at $0.025, up 2.57% on the day.
Cheds additionally has his radar locked on Bitcoin (BTC), which he says is approaching his bear market goal. In accordance with Cheds, the $12,000 value space ought to act as robust assist contemplating that BTC bulls managed to beat that degree after years of battle.
“The situation I’ve been speaking about now for six or seven months, which is loopy that it would truly be coming true… My pondering was that we bought a very good base of assist right here [around $12,000]… Multi-year from February of 2018 after which right here in the course of 2019 after which a yr later, [Bitcoin got] rejected and broke above that base. That actually needs to be assist.”
At time of writing, Bitcoin is buying and selling at $16,206, up 2.78% within the final 24 hours.
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