Altcoin
Trader Who Called 2022 Cryptocurrency Crash Bullish on Solana (SOL) and GPU-Focused Altcoin
An analyst who accurately called the cryptocurrency crash of 2022 is getting bullish on Solana (SOL) and Rendering (RNDR).
Lead Analyst Pseudonym tells its 90,280 Telegram subscribers that Ethereum (ET)-rival Solana and RNDR, the graphics processing unit (GPU) rendering blockchain, are likely in an uptrend pattern.
“Added more to long SOL and RNDR.”
Solana trades for $133 at the time of writing, down nearly 7% in the past 24 hours. Meanwhile, RNDR is trading at $7.17 at the time of writing, down 10% over the past 24 hours.
The analyst is also watching the three-day OTHERS chart, which tracks the total market capitalization of cryptocurrencies excluding the 10 largest digital assets and stablecoins, for any signs of a rebound.
“Altcoin: Green zone is supportive but we need to see a rebound soon. If green holds then we should expect a shift 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.”
Source: Capo/Telegram
OTHERS is valued at $219.25 billion as of this writing, down more than 7% in the past 24 hours.
Next, the trader says that ETH vs. Bitcoin (Bitcoin) could be preparing for a breakout.
“ETH/BTC: Looks Bullish.”
Source: Capo/Telegram
Looking at his chart, the analyst suggests that the ETH/BTC pair could soon reach 0.065 BTC ($4,196). At the time of writing, ETH/BTC is trading for 0.0532 BTC ($3,442), up slightly over the past 24 hours.
Ultimately, the analyst says the cryptocurrency market may bottom and predicts a breakout is on the way.
“The market has taken the timeframe low down again. BTC remains above $65,000, but alts are suffering much more. It is what it is. Overall it seems like a local background lineup. Too negative sentiment and financing, increasingly satisfied offers and everything very oversold. I still expect a strong rebound.”
At the time of writing, Bitcoin is trading for $64,661, down 2.5% over the past 24 hours.
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