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Solana Prediction: May Go To “Zero” Based On Technical Analysis

Famous Ethereum supporter and Solana critic Evan Van Ness said that the “Ethereum killer” may reach zero since other users’ technical analysis predicts another 82% decline from the present price returning to values from 2021.

The analyst provided his assessment of the future movement of the asset using the SOL three-day chart, matching it with the cryptocurrency’s prior growth and correction cycles. SOL’s price increased by over 80% in April 2022 before seeing an almost rapid decline of 82% two weeks later.

Solana effectively recovered back with an 87% price gain and achieved the price level of $47 after hitting the local lowest point in June. SOL started the local slump on August 14 after the crypto market’s fall, and it has since over 25% of its value.

The analyst predicts that the asset will begin a similar downward trend, which would eventually result in an 80% drop, placing SOl at a level not seen by the market since 2021. How probable is it to occur? 

The stated 80% drop prediction is only built on the asset’s previous performance, which is not necessarily a reliable indicator of how the market will move in the near future. Only with the assistance of the crypto market in general would such a massive price decline be possible.

Solana may join the amplitude fall and hit values near $10 if Ethereum or BTC price goes down by at least 40%. In terms of intrinsic value, the network has demonstrated that it is capable of supporting thousands of decentralized projects and operating as intended — it is simply not as steady as one might like.

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