Solana price: Crypto analysts predict God candle while researchers allege deceptive design


  • 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. 

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

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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

DOGE holders may sell if it rises above key accumulation zone

DOGE holders may sell if it rises above key accumulation zone

DOGE will reclaim a key level if it rises by 5%, and traders will likely sell as they break even. DOGE's social volume has reached its lowest level in the past year. DOGE has underperformed other top meme coins year-to-date.

More Dogecoin News

SEC vs. Coinbase: Coinbase attorney's arguments fail to convince judge

SEC vs. Coinbase: Coinbase attorney's arguments fail to convince judge

SEC vs. Coinbase hearing on Thursday addresses the exchange’s demand that Chair Gary Gensler should testify. Coinbase Attorney Kevin Schwartz’s arguments fail to convince Judge Katherine Polk Failla.

More Cryptocurrencies News

Ethereum on-chain activity reveals mixed signals amid declining inflation

Ethereum on-chain activity reveals mixed signals amid declining inflation

Ethereum could rally in Q3 following reduced US inflation and launch of spot ETH ETFs. Ethereum's on-chain activity shows mixed sentiment among investors. Bearish exhaustion candle could signify a downturn for ETH if SEC delays ETH ETF approval.

More Ethereum News

Biden's veto stands, banks unable to  provide custody services for crypto

Biden's veto stands, banks unable to  provide custody services for crypto

US House failed to muster a two-thirds vote to overturn President Biden's veto of Joint Resolution 109. Several Democrats failed to support a repeal of the President's veto despite the increasing role of the crypto industry in the upcoming election.

More Cryptocurrencies News

Bitcoin: BTC sinks under $55,000 as Mt Gox prepares payment to creditors

Bitcoin: BTC sinks under $55,000 as Mt Gox prepares payment to creditors

Bitcoin (BTC) price is having its worst week of the year, influenced by selling activity among BTC miners and heavy transfers of Bitcoins to exchanges by Mt Gox and the German Government. 

Read full analysis

BTC

ETH

XRP