Leading Trader: Solana and These 2 Altcoins Will See Hard Drops

DataDash server and cryptocurrency analyst Nicholas Merten made a new analysis. In his analysis, Merten compiled price predictions for Solana and 2 altcoins. Accordingly, the cryptocurrency expert said that signal weakness has come for SOL, ETH and ADA. Accordingly, it is possible that the mentioned cryptocurrencies will experience a loss in price in the near future. The analyst expects sharp price drops for these cryptocurrencies.

Expressing his views in a new video, Merten spoke to 513,000 YouTube subscribers. The analyst drew attention to the 200-day moving average on the Bitcoin (BTC) price chart. According to him, this indicator was a complete bottom buying opportunity in the last bull cycle. However, it is now acting as resistance for several altcoins in the bear market. For this reason, the analyst assumes drastic declines for several altcoins, including Solana. According to him, these decreases will bring along a long period of accumulation.

“Ethereum price turns 200-day MA into resistance”

Merten said that since Ethereum’s price drop in September, the 200-day moving average has not acted as a reinforcement indicator. According to him, for ETH, the largest altcoin asset in the market, this indicator acts as a resistance line. The analyst said:

“Usually, the 200-day moving average is the point at which it’s time to buy stocks and move up. But we’re in a bear market right now, and what we’re starting to see is the other. I think multiple of these altcoins that are in the very buy zone are now starting to show resistance around this moving average. Therefore, we may see sharp declines.”

“Cardano may also lose price due to the one-to-one indicator”

Koindeks.com As we reported, in October, stocks and crypto money prices started to fall again. Cardano has since marked the 200-day moving average as resistance and moved accordingly. “Sometimes we get deviations above that but it doesn’t hold up,” says Merten. It signals a retracement below the 200-day MA each time. However, the analyst does not have a negative outlook for the ADA price in the long run:

“I’m basically not negative about Cardano as a project. I’m just saying that price action is telling me not to hurry. I want to get the cost average in dollars or buy from the base. However, I should set my expectations lower here, potentially looking at this previous range. In fact, I guess I have to wait for it to fall into a lower price range. We will have to wait and see developments for the ADA price.”

“Solan may not recover for years after the collapse”

Merten also shares her expectations for Solana (SOL). According to him, SOL risks falling to a previous anchor range. If this happens, the altcoin will experience a very long collapse. Even the current levels, which are very low compared to the November 2021 peak, will be a dream. At this point, the analyst said it could “potentially take years” to reach the current Solana price. Subsequently, ETH, SOL and ADA concluded his declining thesis with these words:

“Again, I’m not the one to tell you exactly where things are going. I am not here as a priest. My key point involves stating our standards. Also, when I think a drop is coming for an altcoin, I share it with you. Thus, we are careful about assets that are expected to decrease in price.”

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