Popular analyst warns against sharp revision of Solana's outlook, says SOL has way to go - here's the goal


A closely watched crypto analyst is warning Solana (SOL) holders that the smart contract platform's downtrend is likely far from over. 
 In a new strategy session, an analyst with the pseudonym Cheds 50 tells 200 YouTube subscribers that he is bearish on Ethereum (ETH) rival Solana and  plans to short SOL if it hits $15. 
 If the rebound does not materialize, Cheds expects, that SOL will recover more than 75% from the current price of $12.45. 
 "Basically we're going to break support. I think the [next] support is around $3-4$
... There are five ways here. It might not go straight [down]… But it's not a chart that you should consider too long. For now, it looks like you want to avoid this.

The crypto strategist is also keeping an eye on  blockchain platform player Gala (GALA). According to Cheds, GALA is witnessing a serious downward trend. 
 "[GALA] should never make a new high during the next bull run. It might just go to $0.05 in the next bull run. You have no idea where that bottom is. This is just a terrible chart. It's not [a coin] you should be holding ... It's on a chart that's slowly going down to zero."

At the time of writing, GALA is trading at $0.025, up 2.57% on the day. 
 Cheds' radar is also  locked on Bitcoin (BTC), which he says is approaching his bear market target. According to Cheds, the price of $12,000  should be a strong support as BTC bulls managed to reach this level after years of struggle. 
 “A scenario I've been talking about  for six or seven months now, which is crazy that it could happen... I thought we had a good base  here [about $12,000]... Several years from February  2018 and beyond here Mid-2019 and  later, [Bitcoin] was rejected and broke above that base. It really should be support.
At the time of writing, Bitcoin is trading at $16,206, up 2.78% in the last 24

🌐  source

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