An important crypto analyst issued a new warning about the markets, and this involves Solana, Bitcoin, and more. Check out the latest reports below.
New crypto warning is out
A popular analyst is diving into the price charts to provide updates for a trio of crypto assets as the markets cool off.
Pseudonymous analyst Altcoin Sherpa said recently that the trend so far for Bitcoin (BTC) in 2002 has been to fall further after each consolidation event. More than that, he intends to proceed cautiously in the days ahead.
“Is this time different? I don’t know. Every single consolidation has resulted in another leg down for Bitcoin this year.”
He also said this:
“Assuming the same is going to happen is probably the safest/most prudent approach [in my opinion].”
At time of writing, Bitcoin is trading for $22,954. BTC briefly topped $24,000 on July 20th but has been steadily falling ever since.
The analyst also addresses Solana (SOL). Altcoin Sherpa says that despite recently hitting a price peak, SOL’s 4-hour exponential moving average (EMA) leads him to believe the altcoin could drop to around $30-$32 before establishing a new zone of support.
“First higher high in months but the low has to be maintained for it to be considered a bullish [market structure] on lower time frames.”
He continued and said this:
“Doesn’t look great [to be honest]; 4h EMAs all flipped bearish. The low $30s might be the next support area up.”
At the moment of writing this article, SOL is trading in the green, and the coin is priced at $39,48.
Not too long ago, we were revealing that trader Altcoin Sherpa made sure to tell his followers that while he foresees smart contract platform Solana (SOL) rising to around $60 as long as Bitcoin (BTC) holds up, long term he’s not optimistic about SOL’s strength.
Check out our previous article for more news.