Altcoin Daily Predicts Potential Solana Crash Despite Recent Rally
Solana (SOL) has been on a tear in recent weeks, surging over 60% in October amid a flurry of positive news for the blockchain. However, popular YouTube channel Altcoin Daily is warning its 1.3 million subscribers to be cautious of a potential pullback or crash in SOL’s price.
In his latest video, the presenter explains that while Solana has seen many bullish developments recently, the price may have risen too far too fast. He highlights the Solana Breakpoint 2023 conference, Vanc report predicting Solana outpacing Ethereum, and re-emergence from FTX’s shadow as driving the rally. However, he believes the positive news may be priced in and drying up.
The presenter stated, “Solana might just be going up too far too fast and when that happens it can really only do one thing in the short to midterm.” He also advised viewers directly, saying “All I’m saying is don’t buy the top. I like selling into the top, not buying into the top.”
The presenter warned viewers not to buy SOL at the top, predicting the rally may be unsustainable. He advised being flexible and prepared for a potential crash, noting Bitcoin’s price as a key variable for alts like Solana. As he put it, “If Bitcoin dominance keeps going up, a Solana crash, I’m talking about a bad one, is almost certain.”
Despite still being fundamentally bullish on Solana long-term, citing integration with Shopify, deployment on Google Cloud, and a booming NFT market, the tone was clearly cautious in the face of Solana’s parabolic climb. With SOL up over 14,000% in the past two years, further volatility is expected. Traders should be wary of buying near the top and brace for pullbacks amidst the ongoing market uncertainty.
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