1. Solana's historical crashes and ties to FTX raise concerns about its stability despite current success.
2. Max Keiser hints at a potential "rug pull" after a steady rise in the last two months.
3. Solana's critical test at $125: It might drop to $80 if it breaks below $106 or rally to $145 if it rebounds.
4. Technical analysis suggests Solana bulls are holding at $106, forming a bullish flag pattern for potential gains.
5. Keiser's tweet fuels the debate about the legitimacy of Solana's success and its potential as a warning sign for an upcoming drop.
Recent performance of SOL has been remarkable, soaring by almost 1000% in a single day according to CoinMarketCap data. It has firmly established itself as a standout asset in 2023 among the top 10 cryptocurrencies by market cap.
However, SOL’s history hasn’t been synonymous with reliability. Beyond its ties to former FTX CEO Sam Bankman-Fried and a drastic 90% crash in November 2022, SOL has a track record of crashes and service interruptions predating 2022. This erratic past has left SOL under a perpetual cloud of uncertainty, inviting ongoing skepticism from critics.
The speculation surrounding SOL intensified with a contentious tweet from crypto proponent Max Keiser, hinting at the possibility of a "rug pull" scenario, insinuating that major entities might be pulling out their investments amidst SOL's recent surges.
Despite hitting a seemingly firm barrier around $125 and experiencing a decline from that mark, SOL finds support in retesting an upward trendline that has held throughout December. The current scenario sees bullish indications around the $106 mark, forming a bullish flag pattern.
Should SOL breach the $106 threshold, it might drop towards the $80 zone, potentially finding support from bulls to prevent a further decline to $68 or below. Conversely, a rebound from $106 could propel SOL upwards, eyeing a target price of $145.
It's crucial to note that while this information aims to provide accurate and timely insights, there’s inherent volatility in cryptocurrencies. Always conduct thorough research and exercise prudence before making financial decisions. The content presented here is for informational purposes, and any missing or inaccurate details are beyond our responsibility.