An expert who accurately predicted the 2022 cryptocurrency market crash is now warning that a major correction could be coming for a top Ethereum (ETH) competitor.
Known as Capo, the analyst shared with his 129,129 followers on Telegram that Solana (SOL) is currently facing strong resistance at the $200 mark and could potentially drop by over 68% from its current price.
“SOL update: testing the familiar $170-$200 resistance zone again. The primary target remains $60-$80.”
At the time of writing, Solana is priced at $188, showing a 1.7% decrease in the last 24 hours.
Capo also mentioned that he remains optimistic about Ethena (ENA), a synthetic dollar protocol running on Ethereum, but cautioned that a sudden correction might be on the horizon before a potential upward trend.
“One of the few altcoins I held onto, as indicated in the referenced post. It has now reached the middle range at $0.50-$0.55. In a bearish scenario, we could see a final drop towards the low range at $0.20 (all-time low). If that occurs, I will consider buying more. Same strategy as before.”
Based on his analysis, Capo suggests that Ethena could potentially reach $1.52 after retesting the $0.19 level.
Ethena is currently trading at $0.49, marking a 6.2% increase in the past 24 hours.
Lastly, the analyst indicated that he maintains his view that Bitcoin (BTC) is likely to enter a significant downtrend soon.
“BTC is showing initial bearish signs below $115,000.”
Bitcoin is valued at $119,161 at the time of writing, with a slight increase in the last 24 hours.
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Image Credit: Midjourney