Solanas Price Could Drop to 80 as Memecoin Cools Down Predicts Andrew Kang
Venture Capitalist Mechanism co-founder Andrew Kang recently analyzed the future trends of BTC and ETH. He also predicted that if the meme coin craze subsides, SOL’s price will also be greatly affected.
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Ethereum ETF postponed to the fourth quarter
Still bullish on Bitcoin
Limited upside potential for Ethereum
SOL may drop to $80
Andrew Kang believes that the Ethereum spot ETF will be postponed to the fourth quarter of this year. He claims that many ETF experts are also leaning towards a fourth-quarter launch, but Bloomberg ETF analyst Eric Balchunas only revealed the possibility of a July listing in mid-June.
(Analyst at Bloomberg: Ethereum spot ETF may be listed in early July)
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Still bullish on Bitcoin
Due to the lack of capital inflow into ETFs, market momentum has shifted from bullish to bearish. However, Andrew Kang believes that Bitcoin will maintain its strong trend and will not fall below $50,000.
He stated:
Although the weekly chart may appear to be a double top to some, I believe the market structure has significantly changed from previous bull market cycles. More DCA (Dollar-Cost Averaging) has created higher lows and balance, and high leverage players (such as 3AC, Alameda, Celsius, etc.) have also decreased.
Compared to Bitcoin, Andrew Kang is not as optimistic about ETH.
He pointed out that ETH may rise until the ETF is launched, but the upside potential will be below $4,000, and if the capital inflow is not as expected and a large number of ETHE (Grayscale ETF) is sold off, it may drop to around $2,000.
Furthermore, the crypto community is relatively more familiar with ETH, and the expectations for an Ethereum ETF may be higher than those of traditional retail investors. He mentioned that Bloomberg ETF analyst Eric Balchunas has also noted the lower interest in an Ethereum ETF from the outside world.
(Elderly people don’t understand “Ethereum.” Does ETH ETF lack traditional market selling points?)
Although he was optimistic about SOL and meme coin projects like Trump, Doge, and Frog since the beginning of the year, Andrew Kang mentioned the potential impact of the cooling off of meme coins at the end of the article.
Solana has performed well in this cycle, but from the perspective of the reflexivity of meme coin trading demand, the demand for meme coins also affects the rise and fall of SOL. If meme coin trading slows down in the coming months, you might be able to buy SOL again at a price of around $80.
DCA
SEC
Solana
Ethereum
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