Analyst known as 'Il Capo of Crypto' has revised his views, now expressing pessimism regarding the movement of altcoins, noting market weakness.
Challenges in the Altcoin Market
After briefly adopting a more optimistic tone due to Bitcoin's rise, the analyst has shifted back to a bearish stance. He notes that many altcoins appear to have completed short-lived relief rallies and returned to familiar price ranges. This indicates, in his view, that the broader correction is far from over.
Outlook for Solana
The analyst highlights Solana (SOL) as a key example of current trends. He points out that SOL has fallen roughly 20% from a major resistance zone, suggesting that its most realistic support lies between $60 and $80.
Global Economic Factors and Their Impact
Furthermore, the analyst warns that the true phase of capitulation has yet to arrive. He believes both Bitcoin and altcoins still have room to fall before meaningful recovery can begin. This casts a shadow over trader optimism against a backdrop of global macroeconomic concerns, cryptocurrency regulation developments, and ongoing volatility across the digital asset landscape.
Thus, the analyst's bearish outlook underscores that the altcoin market remains challenging, and investors should closely monitor further price fluctuations.
