Analyst Predicts Aftermath for Solana, Serum, Sushi and FTT Following Downfall of FTX and Sam Bankman-Fried
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A popular crypto analyst is laying out his predictions for Solana (SOL) and a handful of other altcoins after this month’s digital asset market fallout.
The pseudonymous trader Altcoin Psycho tells his 10,700 YouTube subscribers that if Bitcoin’s (BTC) price stays stable, SOL could jump up to $17 before breaking back down again.
Overall, he thinks Solana will probably break below the $12 level and crash all the way to $3 given how much the network is still “in limbo.”
SOL is trading at $13.07 at time of writing. The 17th-ranked crypto asset by market cap is up 14.62% in the past 24 hours.
Altcoin Psycho is even more bearish on the decentralized derivatives exchange Serum (SRM). The analyst thinks the project’s overlap with the collapsed crypto exchange FTX will cause it to crash and burn all the way to $0.
SRM is trading at $0.251363 at time of writing. The 212th-ranked crypto asset by market cap is up more than 7% in the past 24 hours.
Altcoin Psycho warns his subscribers to avoid FTX’s collapsed native token, FTT.
“Don’t ever buy this one unless you want to short-term trade it. And the thing is, there is not going to be any organic bid because you’re just going to be trading against some other degenerates that want to flip this thing really quickly. So, yeah, don’t ever buy this, in my opinion, for any sort of longer-term trades. It seems terrible. This will go to $0, though. Eventually.”
The analyst is also bearish on the decentralized exchange SushiSwap (SUSHI). He says he doesn’t “see any reason to buy this token.” He thinks it will drop to $1 and then possibly go even lower.
SUSHI is trading at $1.21 at time of writing. The 128th-ranked crypto asset by market cap is up more than 7% in the past 24 hours.
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Featured Image: Shutterstock/studiostoks
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