A closely followed crypto analyst is warning Solana (SOL) holders that the smart contract platform’s downtrend is likely far from over.
In a new strategy session, pseudonymous analyst Cheds tells his 50,200 YouTube subscribers that he’s bearish on Ethereum (ETH) rival Solana and that he plans to short SOL should it bounce to $15.
If a bounce does not materialize, Cheds says he expects SOL to correct by over 75% from its current price of $12.45.
“We’re basically breaking support. I think [the] next support is around $3-$4… This has got ways to go. It may not go straight [down]… But it’s not a chart that you should be looking to long. It looks, for now, like you want to avoid it.”