Leading Ethereum Rival Plunges More Than 40% Amid FTX Collapse, Coin Bureau Host Predicts

Coin Bureau host Guy is sending a warning that a top Ethereum (ETH) competitor faces more downside risk in the FTX outage.

The Coin Bureau host tells his 2.17 million YouTube subscribers that the collapse of the FTX crypto exchange has made the road difficult for Solana (SOL).

According to the host, Solana will come under heavy selling pressure as beleaguered crypto exchange and digital asset hedge fund Alameda Research sell their holdings of rival Ethereum to pay back affected users and creditors.

“In any case, it is clear that demand for SOL is decreasing, and it is easy to understand why.

Some are beginning to question Solana’s future. And this is largely due to the huge amount of SOL that FTX and Alameda will have to sell when it comes time to pay off their creditors.

Guy says Solana could go lower as a result, aided by the fact that the crypto market probably hasn’t bottomed yet. Based on technical analysis, the Coin Bureau host says Solana could be down about 40% from current levels.

“To make matters worse, the bottom of the crypto bear market is probably not yet reached. This means that SOL will move lower even without all the selling pressure from these entities.

The long-term price chart suggests that SOL could drop to $8. This would be consistent with the estimated percentage loss in other major altcoins.”

Solana is trading at $13.68 at the time of writing, down more than 50% in the past two weeks.

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