A crypto analyst who accurately predicted the 2022 market crash is now feeling optimistic about Solana (SOL) and Render (RNDR).

Using the pseudonym Capo, the analyst shared with his 90,280 Telegram followers that Solana, a competitor to Ethereum (ETH), and RNDR, a blockchain for GPU rendering, appear to be on an upward trend.

“I’ve increased my long positions on SOL and RNDR.”

As of the time of writing, Solana is priced at $133, showing a decrease of almost 7% in the last 24 hours. RNDR, on the other hand, is trading at $7.17, down by 10% in the last 24 hours.

Capo is also keeping an eye on the three-day OTHERS chart, which monitors the total market cap of cryptocurrencies excluding the top 10 assets and stablecoins, for any signs of a potential rebound.

“Altcoins: the green zone is providing support, but we need to see a bounce soon. If the green zone holds, we can expect movement towards the red zones (T1 and T2). If not, then towards the blue zone. Based on sentiment and indicators, I believe the bullish scenario is more likely.”

The current value of OTHERS stands at $219.25 billion, marking a decline of over 7% in the last 24 hours.

Furthermore, the analyst suggests that Ethereum against Bitcoin (BTC) may be gearing up for a breakout.

“ETH/BTC: the outlook appears bullish.”

According to Capo’s analysis, ETH/BTC could potentially break out to 0.065 BTC ($4,196). At the time of writing, ETH/BTC is trading at 0.0532 BTC ($3,442), showing a slight increase in the last 24 hours.

Lastly, the analyst believes that the crypto market may have hit rock bottom and anticipates a breakout in the near future.

“The market retested the lower timeframe low again. While BTC is maintaining above $65,000, altcoins are experiencing more significant losses. Despite the challenges, it seems like a local bottom is forming. Sentiment is negative, bids are being filled, and everything appears oversold. I am still anticipating a strong rebound.”

Bitcoin’s current price is $64,661, down by 2.5% in the last 24 hours.

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