Analyst Capo shares his forecasts on potential price drops for the cryptocurrencies Solana and Bitcoin, highlighting current market conditions and support levels.
Potential Decline in Solana's Value
Analyst Capo suggests that Solana, a significant competitor to Ethereum, might face a 58% drop in price. In his Telegram updates, he mentions that Solana is testing new resistance that was previously a support level. Currently, Solana is trading at $143, which is approximately 51% lower than its peak value in January. Capo remarked, "After the current rally, it is testing another significant resistance. My main target is the $60 to $80 range."
Critical Levels for Bitcoin
It is also noted that Bitcoin is experiencing pressure. Capo indicates that Bitcoin faces strong resistance just below $109,000, and a downturn is possible. According to his analysis, the first support could be around the $93,000 level, and further declines may bring attention back to levels between $60,000 and $70,000. As of writing, Bitcoin is trading at approximately $107,197, reflecting about a 4% decline from recent levels. Capo urges investors to exercise caution amid market volatility.
Investor Recommendations
The cryptocurrency market remains highly volatile, and analysts emphasize that their predictions should not be the sole factor for investment decisions. Capo, with his large following, highlights the need for investors to conduct their own risk assessments. Recent market fluctuations necessitate a cautious approach to changes, and investors should closely monitor developments and support their investment decisions with their analyses.
Capo's forecasts regarding Solana and Bitcoin underscore the need for caution among investors. In a high-volatility environment, it is essential to make individual assessments and stay informed.
