- Solana price prepares for a massive uptick as analysts identify a squeeze in daily bollinger bands, predict God candle in SOL.
- Crypto researchers at CyberCapital allege Solana of deceptive design and falsely inflated usage.
- Solana price yielded nearly 10% gains to holders over the past two weeks, fueling a bullish sentiment among traders.
Analysts are bullish on a Solana price rally as they spot a bullish indicator in the Ethereum-killer’s chart. Researchers at CyberCapital, Europe’s oldest cryptocurrency fund have called out Solana for its deceptive design and falsely inflated usage.
Also read: Dogecoin holders turn diamond hands: DOGE most widely held by eToro users
Why CyberCapital executives allege Solana of being deceptive by design
Justin Bons, Founder and CIO of CyberCapital criticized Ethereum-killer Solana for its record downtime, failures, hacks and scandals. Bons shared his views on the Solana network in a long Twitter post on October 3.
The CyberCapital executive believes there was blatant fraud in the origin of Solana and false statements have been made with regard to the circulating supply of SOL.
1/25) Solana has been marred in controversy since its founding
— Justin Bons (@Justin_Bons) October 3, 2022
With frequent downtime, failures, hacks & scandals!
This is why I have put together a short & incomplete history of SOL's skeletons
Working our way down a colorful history of lies, fraud & dangerous trade-offs:
Solana’s most recent network outage is an example of the chain’s centralization. To resolve the outage and the node that created an invalid block, developers made a decision to restart the cluster. According to Bons, this is indicative of centralization in Solana.
Bons commented on how a majority of Solana’s Total Value Locked (TVL) was fake, saying that it was an “open secret” this was the case within the Solana ecosystem. 70% of Solana’s TVL, $10 billion at its peak, was falsified by developers, Bons claims.
Analysts predict massive uptick in Solana price
Despite these criticisms some analysts remain upbeat about the future of SOL price. Tradinglord, a pseudonymous crypto analyst and trader evaluated the Solana price trend and identified a bullish indicator – Bollinger bands in a squeeze. This usually happens prior to a sudden rise in volatility. The analyst believes Solana price is ready for a massive rally.
SOL/USD price chart
Tradinglord considers this indicative of an upcoming God candle, the largest candle on a crypto trading chart that arises as a result of unforeseen events. Solana has yielded 7.5% gains for holders in the past week.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC Crypto Task Force plans to establish digital asset regulatory sandbox
The Securities & Exchange Commission's (SEC) Crypto Task Force met with El Salvador's National Commission on Digital Assets (CNAD) representatives to discuss cross-border regulation and a proposed cross-border sandbox project.
DeFi Dev Corp buys additional 65,305 SOL amid broader institutional interest: Solana price slides below $150
Solana (SOL) price faces growing overhead pressure and slides below $150 to trade at $148 at the time of writing on Thursday. The sudden pullback follows the crypto market's edging higher on improving investor sentiment, which saw SOL climb to $154 on Wednesday.
Uniswap Price Forecast: UNI whale moves 9 million tokens to Coinbase Prime
Uniswap (UNI) price hovers around $5.92 at the time of writing on Thursday, having rallied 12.8% so far this week. According to Wu Blockchain, data shows that the address potentially related to the Uniswap team, investor, or advisor transferred 9 million UNI to the Coinbase Prime Deposit on Thursday.
Tron DAO announces $70B USDT supply: Here's how TRX price could react
TRON’s USDT circulation just surpassed $70 billion, signaling rising network utility as TRX price approaches a technically significant breakout. On Wednesday, TRON DAO confirmed that the circulating supply of Tether (USDT) on its blockchain has surpassed $70 billion.
Bitcoin Weekly Forecast: BTC holds steady, Fed warns of tariffs’ impact, as Gold hits new highs
Bitcoin price consolidates above $84,000 on Friday, a short-term support that has gained significance this week. The world's largest cryptocurrency by market capitalization continued to weather storms caused by US President Donald Trump's incessant trade war with China after pausing reciprocal tariffs for 90 days on April 9 for other countries.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.