Altcoin Sherpa, an anonymous crypto analyst closely followed for his impactful analyses, issued a stern warning to investors about a potential steep fall in Solana (SOL), often touted as Ethereum (ETH)’s strongest competitor. The analyst also predicts a decline to as low as $23,000 for Bitcoin (BTC).
Altcoin Sherpa, a crypto analyst and trader, anticipates a fall of more than 30% from current prices for the leading altcoin, Solana’s SOL. According to Altcoin Sherpa, Solana’s volume profile indicates a substantial risk of collapse. The analyst’s shared price chart points to the $14 to $15 range last exchanged in January as the next high-volume support level downwards.
In his overall assessment for the altcoin, Altcoin Sherpa stated, “SOL‘s daily EMAs (Exponential Moving Averages) are all in good condition, but this is a scary point. If it falls below this region, the price will likely head towards the $14-15 region. At this point, I must say I’m not a fan of this chart. However, considering its strong community, I believe it’s a good investment in the long run.”
Following Solana, Altcoin Sherpa also analyzed Bitcoin (BTC), the world’s largest cryptocurrency by market value, and suggested it could face a pullback to as low as $23,000, or at least $25,000. He explained:
Even though I think there’s still too much congestion for it to reach $25,000, I expect it to fall for the next bottom level to form. We’ll see if the next bottom will be $25,000.
Following this comment on Bitcoin, the analyst elaborated on his expectations of a decline, mentioning that various indicators, including the 200-week EMA, the basic support and resistance level (SR), and the 0.382 Fibonacci level, point to $25,000. He added that he also expects BTC’s breaking support level momentum to push it down to $23,000 before it secures $25,000 as support.