A prominent Twitter analyst says 4 altcoin projects are time bombs following the collapse of FTX and Sam Bankman-Fried.
Altcoin Psycho: Stay away from Solana, Serum, Sushi and FTT
FTX’s bankruptcy in November had devastating effects on FTT and Solana. Twitter’s Altcoin Psycho warns that the effects of the collapse will spread to Serum and Sushi as well. The analyst said that Solana could still make an upside move depending on Bitcoin. According to his predictions, if the price of Bitcoin retraces $17,000, Solana will have an opportunity to rise to $17 once again before falling further.
Altcoin Psycho says Solana’s status is still “in limbo” at the moment. If it falls below the $12 level, she anticipates a quick start to $3. SOL price was only a dollar away from this level at the time of writing. The altcoin, which has moved away from the top 10 according to its market value, has been looking for an opportunity to recover in the last days. It is currently trading above $13, up 8% over the last 24 hours. It tested below $10 at one point during the week.
Why is serum (SRM) under fire?
Altcoin Psycho has also raised the alarm in Solana-based Serum (SRM). The analyst predicts that with the bankruptcy of FTX, the price of SRM will fall to $ 0. As Cryptokoin.com reported, Solana-based NFT projects also fell sharply after the FTX crisis. Analyst says the price of Serum will crush under pressure. SRM, on the other hand, had the opportunity to recover around 2% compared to the last 24 hours. It is currently trading at $0.2602 at the 263rd place by market cap.
Altcoin Psycho advises to strictly stay away from FTX Token (FTT)
Alongside linked altcoins like Solana and Serum, the FTX Token was under direct fire at the time of the crash. The analyst predicts that FTT, like SRM, will melt down to $ 0. During his broadcast on November 22, he said:
Never buy this if you don’t want to short-term trade. The thing is, there won’t be any organic offers because you’ll be trading against some other corrupt that really wants to reverse it quickly. So, yes, in my opinion never buy this for longer term trades. It looks terrible. It will eventually go to $0 though.
Altcoin Psycho shared that he was pessimistic about SUSHI, despite the DeFi and DEX tokens that gained value with the bankruptcy of FTX. In part of the broadcast, he said that he “sees no reason to buy SUSHI.” Interestingly, the price of SUSHI is heading under $1, according to Psycho. The analyst expects this level to break in the coming days.
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