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.
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
