Analyst Unveils Massive Downside Targets for Top Ethereum Rival Solana, Updates Outlook on Bitcoin and Ethena

An analyst who accurately called the 2022 crypto collapse believes that one Ethereum (ETH) rival is on the verge of a deep correction.

Pseudonymous analyst Capo tells his 129,129 subscribers on his Telegram channel that Solana (SOL) is facing resistance at the $200 level and may decline more than 68% from its current value.

“SOL update: retesting the same old $170-$200 resistance zone. Main target remains $60-$80.”

Solana is trading for $188 at time of writing, down 1.7% in the last 24 hours.

Next up, the analyst says that he is remaining bullish on Ethena (ENA), a synthetic dollar protocol built on Ethereum.

However, the analyst says ENA may have a sudden correction before continuing higher.

“One of the few altcoins I didn’t sell, as you can see on the quoted post. It has now reached the mid range at $0.50-$0.55. If the bearish scenario plays out, we could still see a last leg down towards the range low at $0.20 (all-time low). If that happens, I’ll be buying more. Same plan as before.”

Looking at his chart, the analyst suggests that Ethena may hit $1.52 after retesting the $0.19 level.

Ethena is trading for $0.49 at time of writing, up 6.2% in the last 24 hours.

Lastly, the analyst says he still believes Bitcoin (BTC) will soon enter a significant downtrend.

“BTC gives the first bearish confirmation below $115,000.”

Bitcoin is trading for $119,161 at time of writing, up marginally in the last 24 hours.

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The post Analyst Unveils Massive Downside Targets for Top Ethereum Rival Solana, Updates Outlook on Bitcoin and Ethena appeared first on The Daily Hodl.