Trader Who Called 2022 Crypto Collapse Predicts 248% Rally For Solana-Based Altcoin – Here’s His Target
A closely followed trader says he is investing in one Solana-based (SOL) move-to-earn project with the expectation that the token will trigger a series of massive rallies.
The pseudonymous crypto trader known as Capo tells his 551,000 Twitter followers that he believes the crypto markets will choose a direction early next month when the Federal Reserve confirms another interest rate hike.
According to Capo, Bitcoin (BTC) will lead a crypto market correction after the Fed announces either a 75 or 100 basis point increase in interest rates.
“BTC Potential Roadmap.”
Capo says that BTC is currently above the $19,000 mark because yesterday’s drop lower was more of an aberration than a direct downward price impulse. He says a rally to $21,000 or more remains likely before a dramatic correction to the $14,000 level.
“Right now, the price is back above $19,000, so the move below this level is considered bullish.
The demand that comes confirms this. That’s fuel to keep going up.
Short squeeze is not over and $21,000 is very likely. Then I will become bearish again and wait for new lows.”
Although $21,000 is the trader’s base case, he remains prepared for a potential breakout of the resistance level of other targets in the mid-$20,000s.
“From what I see now, $21,000 should act as resistance. It could go to $21,100, $21,200 … as long as it doesn’t break that level on an HTF [higher time frame] Close.
Example diagram.”
Looking at the altcoin market, Capo says he just bagged STEPN (GMT), the popular move-to-earn project built on the Solana blockchain.
According to the trader, GMT is preparing for a strong rally of 42% from today’s price of $0.58 up to the $0.84 area.
Based on Capo’s chart, he also predicts a subsequent 60% dip from the $0.84 level all the way down to $0.33 before igniting a powerful 248% bull run to the $1.15 area.
“Just bought a bag of GMT.”
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