- Renowned crypto analyst, Il Capo of Crypto, has announced a bullish turn on altcoin Solana (SOL) following recent market dips.
- The analyst identified a significant support level at $131 for SOL, predicting it could turn into resistance if broken.
- Il Capo also mentioned a potential double-bottom formation on the SOL chart, indicating a possible bullish reversal.
Il Capo of Crypto, a well-known crypto analyst, has shifted his stance to bullish on Solana (SOL) following recent market downturns. The analyst identified a crucial support level and a potential double-bottom formation, suggesting a possible bullish reversal.
Il Capo Turns Bullish on Solana
Il Capo of Crypto, a respected figure in the crypto analysis community, announced today that he has opened a long position on Solana (SOL) following recent market downturns. The analyst identified a significant support level at $131 for SOL, suggesting that if this level is broken, it could turn into a resistance level. Furthermore, Il Capo pointed out a potential double-bottom formation on the SOL chart, a pattern often associated with bullish reversals.
Il Capo’s Track Record
While Il Capo’s analysis is often insightful, it’s worth noting that he has been incorrect in several of his past predictions. Despite his recent bullish statements, the analyst reiterated his bearish views during the rally when the BTC price rose to $70,000, expecting the BTC price to drop to $12,000.
SOL Price at the Time of Writing
At the time of writing, SOL is trading at $138.43. However, following his initial announcement, Il Capo shared that he added to his position after the price of SOL increased, stating that his average entry price for the coin is $133.71.
Il Capo’s Views on the Broader Crypto Market
When it comes to the broader crypto market, Il Capo has different views. He previously stated that BTC needs to draw liquidity from the $57,000 to $59,000 range. However, he now prefers to wait for more signs as to where the market is headed.
Conclusion
Il Capo’s bullish turn on Solana is noteworthy, given his reputation in the crypto analysis community. However, as always in the volatile world of cryptocurrencies, investors should do their own research and consider various perspectives before making investment decisions.
