Max Keiser, a prominent Bitcoin advocate and senior advisor at El Salvador’s National Bitcoin Office, has forecasted a significant drop in Solana‘s (SOL) value, expecting an over 80% decline to around $20. Keiser anticipates Solana, which he refers to as a “shitcoin,” to lose 100% of its purchasing power against Bitcoin, suffer from multiple rug pulls, and lead to net losses for investors through consecutive losing trades.
Keiser and his wife, Stacy Herbert, are senior advisors at El Salvador’s National Bitcoin Office, the first country to adopt Bitcoin as legal tender.
Earlier this week, an anonymous crypto analyst and trader known as Altcoin Sherpa predicted that SOL could soon fall to Fibonacci retracement levels between $84.50 and $71.67.
Altcoin Sherpa suggested that SOL needs more time to cool off and would not be surprised to see it drop to lower levels around $70-$80, considering the liquidity that has been accumulated.
Another analyst, Bluntz, recently assessed SOL’s performance and suggested that the altcoin is showing signs of an upward trend. He expects SOL to consolidate for a while before starting a potential parabolic rally. At the time of writing, Solana is trading at $101, ranking fifth by market value.