Solana’s intrinsic value is at zero, suggests Ethereum maxi
Evan Van Ness, Famous ethereum advocate And Solana critics concede that the “Ethereum killer” could go to zero as technical analysis shared by other users shows another 82% drop in 2021 values from the current price.
On the three-day chart of SOL, the analyst shared his view on the upcoming movement of the asset, comparing it to the previous growth and correction cycles of the cryptocurrency. In April 2022, SOL’s price spiked by more than 80% and then faced an almost immediate reversal two weeks after losing 82%.
Since reaching the local bottom in June, Solana successfully rebounded with an 87% price increase and reached a price level of $47. On August 14, after a correction in the cryptocurrency market, SOL entered a local downtrend and is now losing over 25% of its value.
The analyst’s assumption is that the asset will enter a similar downtrend that will lead to the ~80% plunge, which puts SOl on a level the market has not seen since 2021.
How likely is this to happen?
The alleged 80% dump prediction is based solely on the past performance of assets, which is not always a correct way to predict movements in the near future. Such a huge price drop would only happen with the “help” of the cryptocurrency market.
In case of at least a 40% price drop on Ethereum or BTC, Solana may enter the amplitude downtrend and reach values close to $10. As for intrinsic value, the network has proven its ability to hold thousands of decentralized projects and function properly — just not as stable as one would like.
