Crypto analyst Jason Pizzino believes traders should be wary of Ethereum (ETH) rival Solana (SOL). This is because Solana (SOL) is showing a technical pattern reminiscent of the highs of the last cycle.
In a new YouTube video, Pizzino tells his 300,000 subscribers that Solana is currently printing a pattern similar to what it showed in 2021 when it peaked at around $260.
The analyst noted that he predicted the SOL rally would probably end in late November, when SOL was trading in the $55-$60 range. He noted that the price of SOL surged from there, then fell again, and then attempted to rise again before falling again.
“That doesn’t mean it’s the end, but it looks frighteningly similar to what happened here at the peak in a short period of time. After this huge rally to around $220 and a downtrend, the market attempted to move higher, failed, and fell back below to be rejected. Of course, the macro bear market started from that point.”
Pizzino pointed out that Solana’s current resistance level remains hovering around $75-$76 and warned that SOL’s top level “hasn’t even been confirmed yet.” However, the analyst said SOL’s upside potential at this point appears to be “fairly limited” compared to the asset’s downside potential.
SOL is trading at $71.49 at the time of this writing.
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