Analysts who predicted the cryptocurrency downturn in 2022 are now focusing on the struggles of another Ethereum (ETH) competitor.
A pseudonymous analyst known as Capo shared insights with his 129,129 followers on Telegram, pointing out that Solana (SOL) is encountering resistance around the $200 mark and could potentially drop over 68% from its current level.
“Sol Update: Retesting the familiar $170 to $200 resistance zone. The primary target remains between $60 and $80.”
As of now, Solana is trading at $188, reflecting a decline of 1.7% in the last 24 hours.
The analyst also mentioned that there’s still a bullish outlook for the Ethereum-based synthetic dollar protocol.
Nonetheless, there are suggestions that the price could experience abrupt corrections before continuing its upward trajectory.
“As seen in the quoted post, it’s one of the few altcoins I’ve held onto. Currently, it’s sitting in the midrange around $0.50 to $0.55.”
Looking at the chart, analysts suggest that Ecena might reach $1.52 after revisiting the $0.19 level.
Ecena is currently priced at $0.49, showing a 6.2% increase within the past day.
Finally, the analyst expressed confidence that Bitcoin (BTC) is poised for a notable upswing soon.
“BTC is still below $115,000 from its initial bear check.”
Bitcoin has seen a slight rise recently, trading at $119,161 as of now.
