Pseudonymous Analyst Capo is Turning Bullish on Solana (SOL) and Render (RNDR)

An analyst who accurately called the 2022 crypto collapse is turning bullish on Solana (SOL) and Render (RNDR). Pseudonymous analyst Capo tells his 90,280 Telegram subscribers that Ethereum (ETH)-rival Solana and RNDR, the graphics processing unit (GPU) rendering blockchain, are likely in an uptrend pattern.

Cryptocurrency analyst Capo is updating his subscribers on the latest price movements and offering his insights.

The pseudonymous analyst, who accurately called the 2022 crypto collapse, tells his 90,280 Telegram subscribers that Ethereum (ETH)-rival Solana and RNDR, the graphics processing unit (GPU) rendering blockchain, are likely in an uptrend pattern.

“Added more to the SOL and RNDR longs. Good luck everyone.”

Solana (SOL) is trading for $133 at time of writing, according to CoinGecko. SOL is down nearly 7% in the last 24 hours and more than 30% in the last seven days.

RNDR is trading for $7.17 at time of writing, down 10% in the last 24 hours and more than 20% in the last seven days.

The analyst is also keeping an eye on the three-day OTHERS chart, which tracks the total market cap of crypto excluding the 10-largest digital assets and stablecoins. Capo says he’s watching for signs of a bounce.

“Altcoins: We broke the support and now green zone is support but we have to see a bounce soon. If green holds (which I think it will), 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 is valued at $219.25 billion at time of benches, according to CoinGecko. The total others market cap is down more than 7% in the last 24 hours and nearly 20% in the last seven days.

Next up, the trader says that ETH against Bitcoin (BTC) (ETH/BTC) is displaying bullish price action.

“ETH/BTC: it looks bullish. 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.”

Looking at his chart, the analyst suggests ETH/BTC could soon break out to 0.065 BTC ($4,196). ETH/BTC is currently valued at 0.0532 BTC ($3,442) at time of writing, up slightly in the last 24 hours.

Lastly, the analyst says that the bottom may be in for the crypto market and predicts a breakout is coming.

“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 (BTC) is currently trading for $64,661 at time of writing, down 2.5% in the last 24 hours. BTC is also down more than 10% in the last seven days.

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