Mysterious crypto analyst Altcoin Psycho warned about Solana in his latest tweets. Saying that investors have moved to 2 altcoins, the analyst says that SOL is a candidate for an uncontrollable collapse.
Altcoin Psycho warns Solana (SOL) investors it could be derailed
According to the anonymous analyst, Solana, which is in 9th place by market capitalization, is about to experience a significant collapse. In its latest Youtube post, Altcoin Psycho explained its expectations from SOL as follows:
I think Solana looks really bad. I think it’s going to drop even more and that really excites me. I don’t have a short-term savings plan. But I’m patiently waiting to see if $25 will break. I think everyone watches at pretty much the same level.
Altcoin Psycho notes that in addition to SOL’s stagnant price action, new entrants to the market who bought Solana during its rally last year suffered significant losses. The analyst says these investors are transferring their investments to new “Solana killers”:
I personally think Aptos (APT) and Sui (SUI) will be shiny new toys for a while. Especially since they’re marketed as ‘The Solana killers’. I think they could get some liquidity from Solana, especially against all the inexperienced retailers that are at the top of Solana…
Investors follow trend coins
As Altcoin Psycho points out, the cryptocurrency market has witnessed rallies of tokens like Aptos (APT) and Sui (SUI) since last week. Aptos (APT) has become very popular lately against its listing on major exchanges. Currently, it is the 43rd largest cryptocurrency according to CoinMarketCap ranking.
However, cryptocoin.comAs you follow, some analysts are worried about the token economy of Aptos. One of them, Colin Wu, reported that Aptos does not have anti-Sybil attack protocols that allow some users to receive large amounts of airdrop tokens. Wu added that someone sold 189,567 APT tokens directly on Binance. As a result, the APT price dropped from $15 to $13 in a short time.
Wu Blockchain also states that FTX ran into a problem after launching the token while the APT contract was closing. This error prevented many users from closing their positions. FTX said it’s working to fix the issue.
Dark clouds still surround Aptos
Paul Fidika, the developer working on Aptos, announced that he stopped working on Aptos due to its dangerous tokenomics. Moreover, he added that the foundation selects all validators in the network. It also pointed out other issues that hinder it from working on the network, such as using the proof-of-stake mechanism for “economics rather than security.” Other issues include the possibility of “reducing network performance quickly if there are a few slow validators” due to the use of the HotStuff algorithm and the removal of shared staking.
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