In a recent analysis of the cryptocurrency market, the well-known market forecaster Capo has offered new predictions regarding major digital currencies. Capo, who accurately predicted the cryptocurrency crash in 2022, now warns of potential shifts in Solana, Ethena, and Bitcoin. According to the analyst, Solana (SOL) is encountering a crucial resistance point and could face a notable drop in its valuation. This indicates potential short-term price adjustments for Solana.
Will Solana Face Downward Pressure?
According to Capo, Solana is facing strong resistance in the price range of $170 to $200. Currently trading at $188, having decreased by 1.7% in the last day, Solana might drop to the $60-$80 range. This highlights the likelihood of a downward price shift.
Chart analysis from Capo points out Solana’s resistance to upward movement, making it crucial for investors focusing on short to medium terms to consider potential price points.
Is Ethena Poised for Growth?
Capo has also shared potential positive developments for Ethena (ENA), a synthetic dollar protocol on Ethereum. He holds a bullish outlook for ENA, currently priced at $0.49, having gained 6.2% over the last day. This suggests a promising medium-term potential for the altcoin.
Analysis suggests ENA could test the $0.19 level before climbing to $1.52, though there’s a possibility of short-term corrections as well.
What Lies Ahead for Bitcoin?
In contrast to Ethena’s outlook, Capo paints a bleak picture for Bitcoin (BTC), with an anticipated shift towards a downward trend. Previously skeptical about the bull run that propelled Bitcoin to $120,000, Capo now accepts it as a trap before a decline.
Looking ahead, investors may want to heed Capo’s advice as both Solana and Bitcoin face pivotal support and resistance levels, while Ethena shows potential for upward movement. To make informed investment choices, individuals should closely monitor predicted levels and market trends, applying precautionary measures where necessary:
- Solana may decline between $60 and $80.
- Ethena has the potential to rise to $1.52 but might face short-term corrections.
- Bitcoin might soon be on a downward trajectory despite recent upward movements.
With Capo’s track record of accurate forecasts, the upcoming period promises to be closely watched by those keen on the volatility of digital assets. As market uncertainties loom, informed decisions will be key for those actively participating in the cryptocurrency sphere.
