An analyst who accurately called the 2022 crypto collapse is turning bullish on Solana (SOL) and Render (RNDR).
Pseudonymous analyst Capo tells his 90,280 Telegram subscribers that Ethereum (ETH)-rival Solana and RNDR, the graphics processing unit (GPU) rendering blockchain, are likely in an uptrend pattern.
“Added more to the SOL and RNDR longs.”
Solana is trading for $133 at time of writing, down nearly 7% in the last 24 hours. Meanwhile, RNDR is trading for $7.17 at time of writing, down 10% in the last 24 hours.
The analyst is also watching the three-day OTHERS chart, which tracks the total market cap of crypto excluding the 10-largest digital assets and stablecoins, for signs of a bounce.
“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.”
OTHERS is valued at $219.25 billion at time of writing, down more than 7% in the last 24 hours.
Next up, the trader says that ETH against Bitcoin (BTC) could be gearing up for a breakout.
“ETH/BTC: it looks bullish.”
Looking at his chart, the analyst suggests ETH/BTC could soon break out to 0.065 BTC ($4,196). ETH/BTC is trading for 0.0532 BTC ($3,442) at time of writing, up slightly in the last 24 hours.
Lastly, the analyst says that the bottom may be in for the crypto market and predicts a breakout is coming.
“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.”
Bitcoin is trading for $64,661 at time of writing, down 2.5% in the last 24 hours.
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