A widely respected cryptocurrency analyst believes that Ethereum (ETH) rival Cardano (ADA) is unlikely to hit all-time highs this cycle.
In a new video update, cryptocurrency strategist Jason Pizzino tells his 337,000 YouTube subscribers that ADA has not shown enough market strength so far this cycle to make an explosive breakout impossible at this point.
“If Cardano can hit $10 this cycle, it will probably come back to me. But beyond that, this can be another waste of people’s time.”
The analyst compares ADA’s price action over a weekly period to that of Solana (SOL), another ETH rival.
According to Pizzino, SOL’s all-time high could be reached after a series of rallies this cycle, with the potential for an extended rally beyond the all-time high.
“What you want to see on the chart is…” We are looking at Solana. Here you have a breakout of 50%, $211. Prices are still up. The power is still there. Yes, it’s up 20x from the low of $8-$10 here. But charts still have power. It has made new highs and is heading back to its previous highs of around $260. That’s what I want to see now, because I don’t have much time left…
It’s like an airplane… If you sit on the ground with the engine running, you’ll just burn fuel, but you still have to get from Australia to Europe. Time is running out. All that fuel is being used up. And this is what is happening to ADA holders. They’re sitting there with the engines running and they should go back to at least (an all-time high of about $3). But they want to go further, and perhaps time is running out. It’s just probability. They could do it. But the odds say that’s unlikely.
In the case (of SOL), on the other hand, we are basically back at the top and ready to leap to the next price target. And for SOL, we’re looking at $260, $312, and maybe around $400 in terms of an extension of the overall movement we’ve seen so far.”
Solana is trading at $215 at the time of this writing. That’s an increase of 2% in the last 24 hours and a 312% increase over the past year. Meanwhile, ADA is trading at $0.58 at the time of this writing. This represents an increase of 2.5% in the last 24 hours and an increase of 62% over the past year.
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