Popular crypto strategists have warned investors and traders of Ethereum (ETH) competitor Solana (SOL).
Cryptographic analyst Justin Bennett told 101,900 Twitter followers that Solana has left diagonal support after an upside-down fake out and now appears to be heading to a lower level.
“As expected, the market has been volatile over the weekend, but so far this SOL fake out from last week has been very good.
Beautiful low high to short in the retest. And now we are trading under this channel.
In my opinion, $ 33.80 and $ 31 are next. “
At the time of writing, Solana has changed hands at $ 34.14, down 3.44% in the last 24 hours.
When it comes to Bitcoin (BTC), crypto strategists believe that BTC’s short-term pricing behavior is still heavily influenced by the S & P 500. Bennett also states that the S & P 500 looks bearish after it does not exceed key levels.
“Last week, the S & P 500 was unable to close above 3,900. Below this short-term trend line. [3,750], And 3,640 is likely to occur next, followed by a precovid high of 3,400. In my opinion, 3,400 is just a matter of time. “
According to Bennett, the move of S & P 500 to 3,400 puts BTC at risk of another significant fix.
“3,400 is about 12% below the current level.
The last time S & P 500 fell 12%, BTC fell 33%.
That doesn’t mean it will be repeated exactly, but if the S & P 500 tests 3,400, a 20% -30% drop from Bitcoin is reasonable. “
At the time of writing, Bitcoin is exchanging hands for $ 19,903. A 30% haircut will bring the price of BTC to about $ 14,000.
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Featured images: Shutterstock / Sergey Nivens / monkographic
