- An experienced analyst, known for predicting the 2022 cryptocurrency market downturn, has expressed a positive outlook on Solana (SOL) and Render (RNDR).
- The pseudonymous analyst, Capo, communicates to his 90,280 Telegram followers that both Solana and Render are showing signs of an upward trend.
- Capo stated, “Added more to the SOL and RNDR longs,” indicating increased confidence in these assets.
Analyst Capo predicts a bullish trend for Solana and Render, observing key market indicators.
Solana and Render Show Signs of Bullish Momentum
Solana (SOL), currently trading at $133, has seen a slight correction of nearly 7% in the past 24 hours. Similarly, Render (RNDR) is positioned at $7.17, reflecting a 10% dip within the same timeframe. Despite these short-term declines, Capo’s analysis suggests that both tokens are poised for a significant positive movement ahead.
Market Cap Excluding Top 10 Cryptos Indicates Possible Recovery
Analyzing the three-day OTHERS chart, which excludes the largest ten cryptocurrencies and stablecoins, Capo observes a potential rebound. He notes, “Altcoins: green zone is support but we have to see a bounce soon. If green holds then we should expect a move towards the red zones (T1 and T2). If green doesn’t hold, then blue. Judging by sentiment and indicators, I think the bullish scenario is more likely.” Currently, OTHERS stands at $219.25 billion, reflecting a 7% decrease over the last day.
ETH/BTC Pairing on the Verge of Breaking Out
On evaluating the Ethereum (ETH) versus Bitcoin (BTC) pairing, Capo suggests a bullish trend could be imminent. According to his projections, the ETH/BTC ratio might break out to 0.065 BTC ($4,196). At present, this pair is trading at 0.0532 BTC ($3,442), marking a slight increase within the last 24 hours.
Potential Bottom Formation in the Overall Crypto Market
Capo also addresses the overall market condition, speculating that the crypto market may have hit a local bottom. He comments, “The market took the low timeframe low again. BTC is holding above $65,000, but alts are suffering much more. It is what it is. Overall it looks like a local bottom formation. Sentiment and fundings too negative, bids getting filled and everything very oversold. Still expecting a strong bounce.” Currently, Bitcoin (BTC) is trading at $64,661, having dropped by 2.5% in the past 24 hours.
Conclusion
In summary, Capo’s insights suggest a bullish outlook for Solana and Render, despite recent dips. The analyst also highlights potential opportunities for altcoins if current support levels hold. Furthermore, the ETH/BTC pairing may be on the cusp of a major breakout. Overall, while the market displays signs of having reached a local bottom, investors should remain vigilant and prepared for a possible strong rebound.
