Top Analyst Predicts Solana Alert, Says Traders Are Unprepare

A crypto analyst and trader renowned for properly anticipating the 2022 market meltdown has issued a warning to Solana (SOL) enthusiasts.

The fictitious expert known as Capo informs his 588 thousand Twitter followers that the crypto markets are likely developing a typical bull trap.

With the current price increase, according to Capo, most traders will be caught off guard by a substantial reversal.

Most people are not prepared for what is coming and it shows.
— il Capo Of Crypto (@CryptoCapo_) November 5, 2022

While many traders have become optimistic on Solana, particularly following Google Cloud’s announcement to become a validator, Capo is forecasting big downside on SOL as he thinks the smart contract platform will likely breach its $30 uptrend support.

$SOL

Main target: $17-19 pic.twitter.com/GhMh55GmOJ
— il Capo Of Crypto (@CryptoCapo_) November 5, 2022

At the time of writing, SOL was trading at $30.90, down 11.64 percent on the day and over 45 percent from Capo’s downside estimate.

Capo is also pessimistic on FTX Token (FTT), which had an unexpected 15% rebound from the $22-$25 region over the weekend.

“Today’s FTT pump is one of the biggest bull traps I’ve ever seen.

Sub $10 is programmed.”

According to Capo, FTT will not have significant demand until it hits $8.50, which is roughly 60 percent over current costs.

That time of the week.@SBF_FTX https://t.co/24xXifwr7r pic.twitter.com/zLnmomvEGC
— il Capo Of Crypto (@CryptoCapo_) November 5, 2022

At the time of writing, FTT is priced at $22.02, a decline of 4.25% over the last 24 hours.

The prominent expert believes that Bitcoin (BTC), the largest cryptocurrency by market capitalization, may be creating a peak around $21,500 before seeing another significant decline.