Well-known cryptocurrency analyst il Capo of Crypto announced today that he opened a long position in Solana (SOL) following the recent declines in the crypto market.
The analyst said that SOL has reached an important support level at $131, and if this level is broken, the said support will turn into resistance. He also added that he sees a potential double bottom formation on the SOL chart.
However, the analyst, who shared another statement after his statement, said that he made another addition to his position after the price of SOL increased, and the average entry price for the coin was 133.71 dollars.
At the time of writing this article, SOL price is trading at $138.43.
However, it should not be forgotten that il Capo was wrong in many of his analyses. Although he has made bullish statements recently, the analyst reiterated his bearish views during the rally in which the BTC price rose to $ 70,000 and announced that he expected the BTC price to fall to $ 12,000.
Analysts have different opinions regarding Bitcoin and the general cryptocurrency market. il Capo said that BTC should receive liquidity between $57,000 and $59,000. Now he has announced that he prefers to wait for more signs of where the market will go.
*This is not investment advice.