Tuesday, December 6, 2022
HomeAltcoinsSolana sceptic Evan Van Ness predicts Solana might return to "Zero"

Solana sceptic Evan Van Ness predicts Solana might return to “Zero”

Evan Van Ness, a well-known supporter of Ethereum and a critic of Solana, said that the “Ethereum killer” might end up being worthless since the technical analysis that was provided by other users indicated that the price could drop by another 82% from its present level to values from 2021.

On the three-day chart of SOL, the analyst gave his perspective on the impending movement of the asset by drawing parallels between it with other iterations of the cryptocurrency’s growth and correction cycles. The price of SOL had a sharp increase of more than 80% in April 2022, but this was followed by a near-immediate decline of 82% only two weeks later.

Since touching rock bottom in the local market in June, Solana has managed to effectively bounce back with an 87% price gain and has now achieved the price level of $47. SOL began the local downturn on August 14, after the correction that occurred on the cryptocurrency market. As a result, SOL is now losing more than 25% of its value.

The stated prediction of an 80% dump is based only on the performance history of the assets, which is not usually an accurate method for predicting changes in the immediate future. A price decline of this magnitude could only take place with the “assistance” of the cryptocurrency market as a whole.

In the event that the price of Ethereum or BTC falls by at least 40%, there is a possibility that Solana will undergo a decline and approach levels near to $10. In terms of its inherent utility, the network has shown that it is able to host hundreds of decentralised projects while still functioning effectively; yet, it is not as reliable as one may like it to be.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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