A crypto analyst, known for accurately predicting the 2022 market collapse, is now feeling optimistic about Solana (SOL) and Render (RNDR).
In a message to his 90,280 Telegram followers, the analyst, Capo, suggests that Ethereum (ETH) competitor Solana and RNDR, a blockchain for GPU rendering, may be on an upward trend.
“I’ve increased my long positions in SOL and RNDR.”
Solana is currently priced at $133, representing a nearly 7% drop in the last 24 hours. Meanwhile, RNDR is trading at $7.17, down 10% in the last 24 hours.
Capo is keeping a close eye on the three-day OTHERS chart, which monitors the total crypto market cap excluding the top 10 assets and stablecoins, for indications of a potential rebound.
“Altcoins: the green zone is holding as support, but we need to see a bounce soon. If the green zone holds, we can expect a move towards the red zones (T1 and T2). If not, then the blue zone. Based on sentiment and indicators, I believe the bullish scenario is more likely.”
OTHERS is currently valued at $219.25 billion, reflecting a decline of over 7% in the last 24 hours.
Moving on, the analyst suggests that the ETH/BTC pair could be gearing up for a breakout.
“ETH/BTC: looking bullish.”
According to his analysis, ETH/BTC could potentially break out to 0.065 BTC ($4,196). Currently, ETH/BTC is trading at 0.0532 BTC ($3,442), showing a slight increase in the last 24 hours.
Finally, the analyst believes that the crypto market may have hit a bottom and anticipates a breakout in the near future.
“The market has tested the low timeframe once again. While BTC is holding above $65,000, altcoins are facing more challenges. Despite the negative sentiment and funding, with bids being filled and oversold conditions, it appears to be forming a local bottom. I still expect a strong rebound.”
Bitcoin is currently priced at $64,661, down 2.5% in the last 24 hours.
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