Crypto analyst Jason Pizzino thinks merchants ought to be cautious of Ethereum (ETH) rival Solana (SOL) because it shows a technical sample paying homage to its final cycle’s high.
In a brand new YouTube video, Pizzino tells his 300,000 subscribers that Solana is presently printing the same sample to what it confirmed when it peaked at round $260 in 2021.
The analyst famous that again in late November, when SOL was buying and selling within the $55-$60 vary, he predicted that the SOL rally would in all probability come to an finish. He famous that SOL’s worth surged from there, then pulled again, then made one other try upwards earlier than pulling again once more.
“Doesn’t imply it’s the tip, nevertheless it appears to be like scarily much like what occurred on the peak right here, simply on a shorter-term time-frame. You possibly can see this large pump as much as about $220, the pullback, after which the market tried to go greater, couldn’t do it, got here beneath, acquired rejected, after which in fact the macro bear market began from that time.”
Pizzino notes that Solana’s present resistance stage is hovering round $75-$76, and he cautions that SOL’s high is “not even confirmed but.” The analyst, nevertheless, says SOL’s potential strikes to the upside at this level look “fairly restricted” in comparison with the asset’s potential crashes to the draw back.
SOL is buying and selling at $71.49 at time of writing.
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