A popular crypto analyst and trader warns that altcoins will face further downward price pressure if current support levels fail to hold. Solana cites comments from Polygon, Avalanche, and Terra. Here are the details…
Which level should be considered for Solana?
Altcoin Sherpa tells its 174,900 Twitter followers that it is on the verge of losing support levels for Solana (SOL), Polygon (MATIC), Avalanche (AVAX), and Terra (LUNA). The analyst says that if the support levels of the four cryptoassets collapse, other weaker cryptocurrencies could be wiped out. The crypto strategist predicts a 33 percent drop for Solana if it loses support at $75. The analyst uses the following statements:
These levels are on the verge of disappearing. They better keep holding it or it will ‘lights out’ for many altcoins. These altcoins (SOL, MATIC, AVAX, LUNA) have held up better than others; Those who are already dead may fall even further. Looking at
Polygon, Altcoin Sherpa expects MATIC to drop nearly 60 percent if it breaks support at $1.00. As for AVAX, a break of support at $58 could bring the coin down to $39, according to the crypto strategist. Meanwhile, LUNA could drop 25 percent if the bears gain support at $75.
ALGO, GRT, SAND, LINK: Risk of collapse?
Algorand (ALGO), The Graph (GRT), The Sandbox (SAND) and Chainlink (LINK) are among the altcoins facing a worse future, especially if Bitcoin (BTC) falls below $33,000. is located. Altcoin Sherpa predicts a 42 percent correction for ALGO. The analyst sees a massive 86 percent correction for GRT. Altcoin Sherpa for SAND sees a 71 percent drop. As for LINK, Altcoin Sherpa says a drop of around 60 percent is likely.
Crypto trader says that LINK, GRT, ALGO and SAND could increase by 50-200 percent or more when Bitcoin recovers, and uses the following expressions:
Also Most of the charts for these altcoins are currently at support levels, so I think some short-term relief may come. However, the wide-time market structure of 90 percent of these altcoins’ charts is undeniably bearish, and I think we’ll see a slow decline until BTC resolves itself.
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