A crypto analyst who accurately predicted the recent market collapse 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 showing signs of an upward trend.

“I have increased my positions in SOL and RNDR for the long term.”

Currently, Solana is priced at $133, experiencing a 7% drop in the last 24 hours. At the same time, RNDR is trading at $7.17, down 10% in the last 24 hours.

Capo is closely monitoring the three-day OTHERS chart, which reflects the total market capitalization of cryptocurrencies excluding the top 10 assets and stablecoins, for indications of a potential rebound.

“Altcoins: the green zone is acting as support, but we need to see a bounce soon. If the green zone holds, we can anticipate 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 probable.”

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

In addition, the analyst suggests that the ETH/BTC pair could be preparing for a breakout.

“ETH/BTC: looking bullish.”

According to Capo’s analysis, the ETH/BTC pair could potentially break out to 0.065 BTC ($4,196). Currently, it 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 bottom and anticipates a breakout in the near future.

“The market has revisited the recent low on lower timeframes. While BTC is holding above $65,000, altcoins are experiencing more pressure. Despite the negative sentiment and fundings, with bids being filled and the market being oversold, it appears to be forming a local bottom. I still expect a strong rebound.”

Bitcoin is currently priced at $64,661, with a 2.5% decrease in the last 24 hours.

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