A famous Ethereum advocate predicted a crash for the billionaire-backed altcoin. If this prediction turns out to be true, Solana price will return to the 0’s it traded in 2021.
Evan Van Ness: This altcoin will return to zero
Famous Ethereum advocate Evan Van Ness commented on a technical analysis shared by other users. Van Ness is also known as a Solana critic. The chart that Ethereum maximalist is browsing suggests an 82% drop in ETH price from the current price to the 2021 levels. Van Ness says that in this case the “Ethereum killer” Solana would go to zero.
On the three-day SOL chart, the analyst shared his view on the upcoming move of the cryptocurrency comparing it to previous growth and correction cycles. According to data provided by Tradingview, the SOL price has gained more than 80% in April 2022. It then faced an almost immediate reversal two weeks after it lost 82%.
$SOL pic.twitter.com/yPfiHWm95p
— Cold Blooded Shiller (@ColdBloodShill) August 21, 2022
Since reaching the local base in June, Solana has successfully bounced with an 87% price increase. It then reached the price level of $47. Following that, it entered a downtrend after correcting on August 14. It is currently losing more than 25% of its value. The analyst’s assumption is that the SOL price will enter a similar downtrend that will lead to an 80% decline. According to the expert, in this scenario, the SOL price will crash to a level that the market has not seen since 2021. Solana price spent a long time at 0 prices during this period.
How likely is it to happen?
The alleged 80% collapse prediction is based solely on the past performance of the respective cryptos. So it’s not always an accurate way to predict movements in the foreseeable future. Such a significant price drop happens only with the “help” of the cryptocurrency market as a whole.
A deep correction is possible within Solana if there is at least 40% price drop in Ethereum or BTC. In this case, prices close to 10 dollars will be possible. As for the real value, the Solana network has proven its ability to hold thousands of decentralized projects and run smoothly. However, this success is not exactly at the desired level. As Kriptokoin.com, we have reported 3 different outages from the Solana network during the last 4 months. One of the closest outages was the 4-hour outage in early June.
Solana, despite all her potential, could not survive the cuts
Validators on the Solana network were unable to process new blocks for at least four and a half hours on June 3. This occurred because the validators were unable to establish consensus and therefore halt the Blockchain and record new transactions. As a result, apps, one of Solana’s main use cases, have been taken offline.
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