Prominent altcoin analysts say that one of the biggest names in the market is in danger after the FTX crisis.
“40% will collapse amid FTX bankruptcy”
Guy, an analyst for the YouTube channel Coin Bureau, warns in the latest video that Solana, an altcoin linked to FTX, will fall further. The analyst says Solana’s reputation has been tarnished by the bankruptcy of the central exchange. According to Guy, Solana will come under serious selling pressure once the beleaguered crypto exchange and its sister company Alameda Research begins selling it to reimburse affected users and creditors.
The analyst says Solana will likely fall further, aided by the fact that the market hasn’t bottomed out yet. Based on technical analysis, he predicts Solana to drop around 40% from current levels:
Worse still, the bottom of the crypto bear market has probably not started yet. This means that SOL will fall further even without all the selling pressure from these altcoins. The long-term price chart shows the SOL could drop to $8. This will be consistent with the estimated percentage of losses on other major altcoins.
Renowned economist says it’s the right time to buy Solana amid altcoin bear market
Raoul Pal, a former Goldman Sachs executive, said why this is a great time to buy SOL, despite all the disaster and pessimism surrounding the Solana ecosystem following the collapse of FTX. Earlier this week, Pal had this to say about Solana:
I really like Solana and I understand that the net is broken. I understand they fixed it. I also understand that this is a no-no. One of the downfall elements was the concentration of ownership due to FTX. Now they can liquidate so you get rid of one of the problems.
Meanwhile, Pal had this to say about Solana at an AMA on Oct.
I love Solana. I see you keep interrupting. So, if it survives the crash and is one of the largest crypto protocols and has more activity than any other Blockchain except Ethereum, then the probability of Solana to join the next cycle is very high to me. .. So I love Solana, this is one for me.
How endangered is Solan?
One of the main cryptocurrencies affected by the FTX crisis was Solana. Factors like Serum and Sollet played a major role in Solana’s impact from the FTX collapse.
1/ What is the impact of the @FTX_Official fallout on @solana with FTX Group (FTX +Alameda)’s ties to the ecosystem?
Explore:
+Impact on @ProjectSerum & resulting fork
+Sollet-wrapped coins
+Declining SOL price on @solendprotocol lending positions
+Solana DeFi moving forward 🧵 pic.twitter.com/dm6WSwmHr7— Messari (@MessariCrypto) November 18, 2022
Solana’s locked total (TVL) fell 30% after FTX went bankrupt. One reason for the FUD around Solana was the Solana-based Serum. On the other hand, the floor price of Solana NFTs has witnessed a significant increase over the past few weeks. As a result, people from the crypto community are still showing interest in the large Solana NFTs. cryptocoin.comAs you follow, Solana price is trying to hold on to the $13 zone in the last days as the crisis has cooled.
