Solana Drops Below $130: 'Dumping To Zero Like Every Other Meme Coin,' Trader Barks

Crypto analyst Evanss6 harshly criticized Solana SOL/USD for being an overhyped assets and predicted poor future price performance.

What Happened: Evanss6 claims that Solana’s hype cycle was engineered by its backers to recoup losses, avoid lawsuits and extract speculative capital, labeling it a "meticulously planned operation." He highlighted that Solana's surge was not organic but a strategic effort by its backers to pump the asset to save themselves financially.

"Solana was a highly calculated and meticulously planned operation to synthesize a crypto asset hype cycle," he thunders suggesting that the primary motive was backer restitution rather than project value.

The trader added that those who invested in Solana at $8 based on the thesis that backers would need to pump it to protect themselves are described as geniuses. Meanwhile, those who invested for the "community" or genuine project development reasons are deemed fortunate but fundamentally mistaken.

In another tweet, Evanss6 cautioned, “We are witnessing the death of Solana.”

Price Action: In the past 24 hours, SOL is down 2.9% to around $128, taking its past seven-day losses to above 10%. Over the past month, Solana lost 22% of its value.

Also Read: Does Solana’s Decline Mean It’s ‘Rugging In Slow Motion’?

Why It Matters:  Evanss6 claims that Solana never had authentic upward momentum because it lacked real institutional interest. He asserts that the asset's appreciation was purely the result of calculated momentum driven by backers with substantial financial reserves.

The trader also predicted there will never be a Solana ETF because it is not considered a legitimate asset. He labels Solana as “a fake chain inflated by SBF (Sam Bankman-Fried).”

While Solana achieved significant attention and investment, Evanss6's insights caution against mistaking market manipulation for genuine value creation. For investors, this perspective underscores the importance of scrutinizing the underlying motivations behind crypto asset surges.

What’s Next: Altcoins and their place in an investment portfolio will be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Why The Bitcoin, Ethereum, Solana Pump Is ‘Delayed’

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image created using artificial intelligence with Midjourney.