Crypto Analyst Issues Solana Warning, Says SOL Printing Same Technical Pattern As 2021 Market Top
Crypto analyst Jason Pizzino thinks traders should be wary of Ethereum (ETH) rival Solana (SOL) as it displays a technical pattern reminiscent of its last cycle’s top.
In a new YouTube video, Pizzino tells his 300,000 subscribers that Solana is currently printing a similar pattern to what it showed when it peaked at around $260 in 2021.
The analyst noted that back in late November, when SOL was trading in the $55-$60 range, he predicted that the SOL rally would probably come to an end. He noted that SOL’s price surged from there, then pulled back, then made another attempt upwards before pulling back again.
“Doesn’t mean it’s the end, but it looks scarily similar to what happened at the peak here, just on a shorter-term time frame. You can see this massive pump up to about $220, the pullback, and then the market attempted to go higher, couldn’t do it, came underneath, got rejected, and then of course the macro bear market started from that point.”
Pizzino notes that Solana’s current resistance level is hovering around $75-$76, and he cautions that SOL’s top is “not even confirmed yet.” The analyst, however, says SOL’s potential moves to the upside at this point look “quite limited” compared to the asset’s potential crashes to the downside.
SOL is trading at $71.49 at time of writing.
I
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
Comments are closed.