Max Keiser’s doom and gloom continue to roll in for altcoins like Solana (SOL). As per the Wall Street veteran and host of the Keiser Report, Solana topped out at $100 and is destined to fall all the way to $20.
Solana Price Eyes 80% Wipeout, According To Keiser
Solana gained a whopping 94% in December, outperforming its top rival in the smart contract space, Ethereum (ETH), which grew by merely 9.5% in the same time frame. Solana has attained attractive returns in recent months on the back of meme coin hype on the blockchain and institutional inflows.
With high expectations that the U.S. Securities and Exchange Commission (SEC) will soon approve spot Bitcoin exchange-traded funds (ETF) — and trigger an influx of institutional money flowing into the top cryptocurrency — the price of BTC had been steadily climbing, nearing $46,000 on Tuesday. However, the benchmark crypto suddenly fell to $42,000 yesterday on the 15th anniversary of its genesis block, shedding at least $3,000 of its value in a matter of two hours.
As for SOL, the token lost roughly 13% over the past 24 hours, diving by 5% even before the Bitcoin price started seesawing. Solana is now hovering ominously at the $104.03 region, leading Max Keiser to comment on the end of its bull run.
Keiser suggested in a post on X that an extended downside retracement for SOL is “incoming”. In the Bitcoin maximalist’s opinion, the next stop for the SOL price is $20 — a 79.8% drop from current price levels.
With a market cap of $44 billion, SOL is currently the fifth-largest crypto by market cap after stumbling back behind BNB Smart Chain’s native token (BNB).
That said, Max Keiser is known for his aggressive assault on altcoins like SOL, ETH, XRP, and ADA. He has repeatedly said they are scams used in terrorist financing while calling Bitcoin “God’s money”.