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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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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