Solana’s popularity is rising among analysts who correctly called the crypto-collapse of 2022.SOLRendering (RNDR).
Capo is a pseudonym for a professional analyst tells His 90,280 Telegram Subscribers that Ethereum (ETHRNDR and Solana (the GPU rendering the blockchain), are most likely on an upward trend.
“Added more to the SOL and RNDR longs.”
Solana was trading at $133 as of the time this article is written, which represents a decline of nearly 7% over the past 24 hours. RNDR trades for $7.17 as of the time of this writing. This is down by 10% over the past 24 hours.
Analysts are also looking at the 3-day OTHERS Chart, which shows the market capitalization of all crypto assets excluding the 10 largest digital currencies and stablecoins. They’re watching for any signs of a rebound.
“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’s value is $219.25billion, down more that 7% from the previous 24 hours.
Second, the trader claims that ETH is against Bitcoin.BTCIt is possible that a break-out could be imminent.
“ETH/BTC: it looks bullish.”
The analyst, looking at the chart, suggests that ETH/BTC may soon reach 0.065 BTC (4196). ETH/BTC has risen slightly to 0.0532 BTC (3,442) as of the time of this writing.
Finally, the analyst believes that the bottom is in place for the cryptocurrency market. He predicts an upcoming breakout.
“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 was trading at $64,661 as of the time this article is written, down by 2.5% from its previous 24 hour high.
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