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Leading Ethereum Rival Could Crash by Over 35% After Failed Breakout, Says Crypto Analyst

by Daily Hodl Staff
August 18, 2022
in Altcoins, Trading

Popular crypto analyst Justin Bennett thinks Ethereum (ETH) competitor Solana (SOL) could be in for some rough days ahead.

In a new video update, Bennett says that Solana’s chart flipped bearish and its positive price action earlier in August appears to be a “confirmed fakeout,” or a bull trap.

“A fakeout to one side of a pattern like this typically produces an extended move in the opposite direction. So for Solana, that would mean a move lower as long as the market holds above that $45 area as new resistance.”

Source: Justin Bennett/YouTube

Solana is trading at $40.86 at time of writing. The ninth-ranked crypto asset by market cap is down more than 6% in the past 24 hours.

Bennett says the $40 level is a critical area for the Ethereum (ETH) competitor.

“Now, this [around $40] is going to be a big support area for Solana to where if we were to see a daily close below this, then it would open up lower levels like some of these lows down here around $37.

However, I do think that a break of that magnitude would probably send the market down here toward about $32 at a minimum, if not all the way back here to retest the $26 low.”

A move to Bennett’s targets suggests a downside risk of between 21.68% and 36.37% for Solana from its current price.

I

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