An analyst who accurately called the 2022 crypto collapse believes that one Ethereum (ETH) rival is on the verge of a deep correction.
Pseudonymous analyst Capo tells his 129,129 subscribers on his Telegram channel that Solana (SOL) is facing resistance at the $200 level and may decline more than 68% from its current value.
“SOL update: retesting the same old $170-$200 resistance zone. Main target remains $60-$80.”
Solana is trading for $188 at time of writing, down 1.7% in the last 24 hours.
Next up, the analyst says that he is remaining bullish on Ethena (ENA), a synthetic dollar protocol built on Ethereum.
However, the analyst says ENA may have a sudden correction before continuing higher.
“One of the few altcoins I didn’t sell, as you can see on the quoted post. 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. Same plan as before.”
Looking at his chart, the analyst suggests that Ethena may hit $1.52 after retesting the $0.19 level.
Ethena is trading for $0.49 at time of writing, up 6.2% in the last 24 hours.
Lastly, the analyst says he still believes Bitcoin (BTC) will soon enter a significant downtrend.
“BTC gives the first bearish confirmation below $115,000.”
Bitcoin is trading for $119,161 at time of writing, up marginally in the last 24 hours.
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