A well-known crypto analyst, who goes by the pseudonym Capo, has made a bold prediction regarding the future of Solana (SOL), a major competitor to Ethereum (ETH). Capo, who has a following of 128,716 subscribers on Telegram, believes that Solana is currently testing a crucial resistance level that was previously a support zone for the cryptocurrency.
Capo suggests that if Solana fails to break above this resistance level, the price of SOL could potentially plummet by as much as 58% from its current level. The analyst points out that after a recent dead-cat bounce, Solana is now facing another important resistance level, which was a key support level in the past. Capo’s main target for Solana’s price is between $60 and $80.
At the time of writing, Solana is trading at $143, showing a decrease of approximately 51% from its all-time high reached in January.
Shifting focus to Bitcoin (BTC), Capo also provides insights into the price movements of the leading cryptocurrency. According to the analyst, Bitcoin is currently encountering strong resistance just below the $109,000 mark. Capo’s chart analysis indicates that Bitcoin could potentially drop to a support level around $93,000 before further potential declines.
Capo hints at the possibility of Bitcoin revisiting the price range between $60,000 and $70,000, levels last seen in October of 2024. The analyst leaves his audience with a cryptic message, suggesting that more market turbulence may be on the horizon.
As of now, Bitcoin is trading at $107,197, reflecting a 4% decline from its current level.
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Image Source: Midjourney