Crypto Analyst Evanss6 Harshly Criticizes Solana SOL/USD for Being an Overhyped Assets and Predicts Poor Future Price Performance

Evanss6 claims that Solana's hype cycle was engineered by its backers to recoup losses, avoid lawsuits and extract speculative capital

Renowned crypto analyst Evanss6 has not held back in his criticism of Solana (CRYPTO: SOL) recently, slamming the digital asset for being an overhyped product of its backers' efforts to recoup losses and avoid legal troubles.

Here's a closer look at what Evanss6 had to say and his thoughts on Solana's future price performance.

Solana Hype Cycle 'Meticulously Planned': Crypto analyst Evanss6 has asserted that the Solana hype cycle was engineered by its backers in a bid to recoup losses, avoid lawsuits and extract speculative capital, describing it as a "meticulously planned operation."

According to Evanss6, Solana's surge was not an organic occurrence but a strategic effort by its backers to pump the asset in a bid to save themselves financially.

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

Highlighting the stark difference in perspectives, 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.

'We Are Witnessing The Death Of Solana' - Another Scathing Tweet: In another tweet, Evanss6 pulled no punches, stating, “We are witnessing the death of Solana.”

He went on to explain that the people who invested in SOL at $8 based on the thesis that the backers are rugging slowly and surely to protect themselves from going down are the geniuses. At the same time, those who invested in Solana for the "community" or genuine project development reasons are fortunate but fundamentally lost.

Solana Price Action: In the past 24 hours, SOL is down 2.9% to around $128.12, showing a slight decrease. However, over the past seven days, the losses amount to over 10%, while the past monthly performance indicates a decline of around 22%.

Solana's Past Glory Faded: Once upon a time, crypto enthusiasts eagerly anticipated the launch of a Solana ETF. However, Evanss6 believes that this dream will never come to fruition.

In his view, Solana is not recognized as a legitimate asset, rendering it ineligible for an ETF. To drive his point home, he labels Solana as “a fake chain inflated by SBF (Sam Bankman-Fried).”

While Solana managed to garner substantial attention and investment, Evanss6's insights caution against mistaking market manipulation for genuine value creation. For investors, this perspective highlights the necessity of scrutinizing the underlying motivations behind crypto asset surges.

Don't Miss: Does Solana’s Decline Mean It’s ‘Rugging In Slow Motion’?

Solana In A Web3 World: Despite being touted as a "Web3 darling" and attracting significant investment, crypto analyst Evanss6 has a bone to pick with Solana (CRYPTO: SOL).

According to the trader, there was never any authentic upward momentum carrying Solana forward, and the asset lacked real institutional interest, rendering any appreciation a product of calculated momentum.

"Solana never had any organic bullishness; it was all calculated momentum," he stated. "The only people who cared about or noticed the pumps were the backers who had to pump it to astronomical levels to save themselves from going down together with the asset's price."

Evanss6 further elaborated on his assertion, stating, "The people who invested in pumps from $8 thinking that the chain would surely be pumped to save the backers are the geniuses. The ones who invested for the 'community' or genuine project development are lucky but fundamentally lost."

Solana ETF 'Never Coming' - Another Tweet: In another tweet, the trader asserted that there will never be a Solana ETF because the asset is not considered a legitimate one. He went on to describe Solana as “a fake chain inflated by SBF.”

It's worth noting that Solana has indeed achieved significant attention and investment. However, Evanss6's commentary serves as a reminder to look beyond the hype and critically evaluate the fundamentals driving crypto asset price movements.

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