Experienced analyst Capo, who is closely followed by crypto investors, recently said that the largest short position on Telegram is in Binance Coin (BNB).
Stating that the altcoin he expects to drop the most at this point is BNB, the analyst stated that BNB is the altcoin that he sells the most.
“There is a bearish trend in BNB both in the long and short term. At this point, I expect bad news for BNB to come soon, and it's only a matter of time before it happens.
BNB is the altcoin I short sell the most.”
Using Elliot Wave theory in his BNB analysis, Capo claimed that BNB broke out of an upside channel and entered a bearish trend.
The analyst, who expects a big drop in BNB, stated that the first target for BNB is $125. This represents a decrease of about 48% from BNB's current level of $243.
Apart from BNB, the analyst said that he expects a drop for Solana (SOL), known as Ethereum (ETH) competitor.
According to the analyst, if the SOL fails to hold the $30 support level, it could decline to $25.
SOL is trading at $25.21 at the time of writing.
*Not investment advice.
