In recent evaluations, Capo, renowned for predicting the 2022 cryptocurrency market crash, has made significant forecasts regarding prominent digital assets. According to Capo, Solana $183 (SOL) is at a critical resistance level and may potentially decline significantly from its current value. The expert suggests that Solana poses a risk of short-term price correction.
ContentsSolana (SOL) Targeted LevelsRising Potential for EthenaAnticipated Decline in Bitcoin Solana (SOL) Targeted Levels
Capo shared on his Telegram channel that Solana encounters strong resistance within the $170-$200 range and targeted the $60-$80 band as a price objective. Currently, Solana is trading at $188, having depreciated by 1.7% in the last 24 hours. This assessment presents a remarkable view suggesting the possibility of market price movements reaching lower levels.
Crypto Traders Are Rushing to This App – Here’s Why You Should Too
The analyst’s charts indicate that Solana’s upward movement faces significant resistance and is on a downward trend. The levels Capo emphasizes are noteworthy for short- and medium-term investors to consider as potential price ranges.
Rising Potential for Ethena
In another evaluation, Capo shared insights on Ethena (ENA), a synthetic dollar protocol based on Ethereum $3,683. Highlighting ENA as one of his few held altcoins, Capo sees a potential upside in the medium term. Currently priced at $0.49, ENA recorded a 6.2% increase in the last 24 hours.
The shared chart suggests the possibility of ENA retesting the $0.19 level, followed by a rise to $1.52. However, the potential for a short-term downward correction is also acknowledged.
Anticipated Decline in Bitcoin
Capo presents a pessimistic view of Bitcoin (BTC) $117,393, suggesting that it might soon enter a distinct downward trend.
The upcoming week is expected to be full of surprises. Having accurately predicted numerous scenarios in 2022, Capo now sees Bitcoin hovering around $120,000, previously skeptical after indicating this rise as the biggest bull trap. His acceptance of the rise is understandable considering the market’s susceptibility to a downturn.
Capo’s analysis suggests that Solana and Bitcoin are at significant support and resistance levels, urging investors to proceed cautiously amid potential price fluctuations. While short-term risks appear for assets like Ethena, the analyst believes upward movements might be possible in the medium term. Those considering investments should perform diligent research by tracking projected levels and market dynamics, exercising caution in their decisions.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
