An expert analyst who accurately predicted the recent crypto market crash has now set his sights on Solana (SOL), warning investors that the altcoin could be in for a major correction. Capo, a well-known crypto analyst with a large following on Telegram, believes that Solana is currently facing strong resistance at the $200 mark and could potentially drop by over 68% from its current price.
In a recent update shared with his 129,129 subscribers, Capo stated, “SOL update: retesting the same old $170-$200 resistance zone. Main target remains $60-$80.” This cautionary prediction comes as Solana is currently trading at $188, experiencing a 1.7% decrease in value over the past 24 hours.
On the flip side, the analyst remains optimistic about Ethena (ENA), a synthetic dollar protocol built on the Ethereum blockchain. Despite his bullish stance on ENA, Capo also warned that the altcoin could see a sudden correction before resuming its upward trajectory. He mentioned, “One of the few altcoins I didn’t sell… It has now reached the mid-range at $0.50-$0.55. If the bearish scenario plays out, we could still see a last leg down towards the range low at $0.20 (all-time low). If that happens, I’ll be buying more.”
According to Capo’s chart analysis, Ethena could potentially reach $1.52 after retesting the $0.19 level. As of the time of writing, Ethena is trading at $0.49, showing a 6.2% increase in value over the past 24 hours.
Lastly, the analyst maintained his bearish outlook on Bitcoin (BTC), predicting that the flagship cryptocurrency is on the brink of entering a significant downtrend. He noted, “BTC gives the first bearish confirmation below $115,000.” Bitcoin is currently priced at $119,161, with a slight uptick in value over the past 24 hours.
In conclusion, Capo’s latest insights shed light on the potential price movements of Solana, Ethena, and Bitcoin, providing valuable guidance for crypto investors navigating the volatile market. Stay tuned for more updates from this experienced analyst as he continues to monitor and analyze the ever-evolving cryptocurrency landscape.
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(Image source: Midjourney)