HomeBusinessLeading Ethereum Rival To Plunge by Over 40% Amid FTX Collapse, Predicts...

Leading Ethereum Rival To Plunge by Over 40% Amid FTX Collapse, Predicts Coin Bureau Host

Coin Bureau host Guy sends a warning that a top Ethereum (ETH) competitor faces more downside risks in the FTX fallout.

The host of the Coin Bureau tells its 2.17 million YouTube subscribers that the collapse of the FTX crypto exchange has paved the way for Solana (SOL) difficult.

According to the host, Solana will come under heavy selling pressure as beleaguered crypto exchange and digital asset hedge fund Alameda Research sell their holdings of rival Ethereum to pay back affected users and creditors.

“In any case, it is clear that demand for SOL is decreasing, and it is easy to understand why.

Some are beginning to question Solana’s future. And this is largely due to the huge amount of SOL that FTX and Alameda will have to sell when it comes time to pay off their creditors.

Guy says Solana could go lower as a result, aided by the fact that the crypto market probably hasn’t bottomed yet. Based on technical analysis, the Coin Bureau host says Solana could be down about 40% from current levels.

“To make matters worse, the bottom of the crypto bear market is probably not yet reached. This means that SOL will move lower even without all the selling pressure from these entities.

The long-term price chart suggests that SOL could drop to $8. This would be consistent with the estimated percentage loss in other major altcoins.”

Solana is trading at $13.68 at the time of writing, down more than 50% in the past two weeks.

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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia

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