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.
