Crypto Analyst Warns of Similar Pattern in Solana’s Price Movement
Crypto analyst Jason Pizzino is cautioning traders about Solana (SOL), stating that it is displaying a technical pattern reminiscent of its previous market top. Pizzino, with a subscriber base of 300,000 on YouTube, explains that Solana is currently exhibiting a similar pattern to when it reached its peak at around $260 in 2021.
In late November, when SOL was trading between $55 and $60, Pizzino predicted that the rally would likely come to an end. However, SOL’s price surged before pulling back and making another attempt upwards. According to Pizzino, the current resistance level for Solana is around $75-$76, but he warns that the asset’s top has not been confirmed yet.
Pizzino believes that SOL’s potential moves to the upside are limited compared to potential crashes to the downside. As of now, SOL is trading at $71.49.
Hot Take: Exercise Caution with Solana’s Price Movement
While Solana’s recent price movement may resemble its previous market top, it’s important to exercise caution and closely monitor the asset’s behavior. Crypto analyst Jason Pizzino warns that SOL’s resistance level is currently around $75-$76 and emphasizes that the asset’s top has not been confirmed yet. Although SOL has the potential for further upside, Pizzino believes that the potential for downside crashes is greater. Traders should stay vigilant and closely analyze SOL’s price action to make informed decisions in this volatile market.
By
By
By
