Solana (SOL) to Plunge to $20, Bitcoin Maximalist Keiser Believes

Prominent Bitcoin evangelist Max Keiser has published another prediction about the massive crash of the Solana (SOL) token that he expects. Over the past few months, Bitcoin maximalist Keiser has been bashing Solana, among XRP, ADA and other altcoins, calling it a scam and predicting that it will go down to zero, making investors lose their money.

Keiser has been criticizing altcoins heavily over the past few years, slamming them as a scam. After the SEC statements about them allegedly being securities last year, Keiser took up that narrative when slamming XRP, SOL, ADA and other digital currencies – anything, really, other than Bitcoin.

Right again!!!!

$20 incoming. https://t.co/5urVwK6osO pic.twitter.com/12SMUmv1pv

— Max Keiser (@maxkeiser) January 3, 2024

Solana shows major drop, following Bitcoin

Earlier today, the flagship cryptocurrency, Bitcoin, suddenly crashed by 6.85% from $45,336, touching the $42,200 level. This was driven by a whopping $500 million worth of liquidations seen across major exchanges – Binance, OKX, Huobi and others. The majority of the liquidations were made to long orders. OKX saw $237.737 million in longs eliminated. Binance witnessed $117.795 million wiped out in liquidations.

According to CoinGlass, a massive long Bitcoin order was liquidated on the Huobi exchange; it was worth nearly $15 million.

Over $500 million in liquidations! pic.twitter.com/I9PxOi9jDB

— Ali (@ali_charts) January 3, 2024

Bitcoin’s plunge was followed by those of other major cryptocurrencies, among them Ethereum (falling by 6%), Solana (down by 8%), LINK (lost 11%), according to a cumulative publication by cryptocurrency YouTuber Lark Davis. XRP has crashed harder than many other coins, dropping by 11.40%. As for SOL, it has lost approximately 20% over the past 24 hours, dropping by 6.11% even before Bitcoin went down.

The Bitcoin liquidations were caused by one major reason – Matrixport produced a report that predicted that the SEC will likely reject all of the spot Bitcoin ETF requests filed by major Wall Street companies.

SEC expected to approve Bitcoin spot ETFs this week

As reported earlier, the SEC was to announce their decision until Jan. 10 and approve or reject all the Bitcoin ETF filings it has on the table — around a dozen of them.

Expectations of an upcoming spot Bitcoin ETF launch happening in January have been the major catalyst for the Bitcoin price until now, when Matrixport released its negative prediction on the future SEC decision.

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