A popular crypto trader thinks Cardano (ADA) and Solana (SOL) have the potential to deliver massive gains during the next leg of the bull run.
Crypto market analyst Jason Pizzino shares with his 202,000 YouTube subscribers that Cardano and Solana are flashing bullish signals as the digital asset market heats up.
Pizzino highlights that ADA is leading the bull market alongside Solana and Ethereum. The token saw strong volume the past three weeks as it rallied to the $2.95 price level and could be currently consolidating above its previous $2.50 high.
The trader notes that the increase in weekly trading volume combined with a break out above the previous all-time high shows promise for further upside.
“Looking forward, the volume for me [is a] good signal for the boom. We are potentially consolidating above all-time highs. That’s exactly what we wanna see.”
As for Ethereum competitor Solana, he sees a similar story as ADA playing out. Now that the smart contract platform has surpassed its previous all-time high of $61 and is currently trading at $112, Pizzino wants to see a cool-off period above its previous high to establish a new level of support before taking off again.
“Solana [is] similar. As we’ve boomed, we need to take a rest at some point. And we’ve got this good volume coming through, breaking through to new highs, that’s all good signs as well… So we’ve got the big volume [spike]. Will it take a bit of a breather? Probably. You can only get so many weeks up before it takes a breather.”
Pizzino also stresses the importance of staying grounded when trading as sky-high prices can often cloud the judgment of investors.
“It is going to be extremely noisy out there in the crypto space, and it’s just going to be mayhem. People saying, ‘This can’t go down. Supercycles are here. Bitcoin will never see $100,000 again…’
I personally don’t think that way. That’s why I wanna keep myself grounded, especially through the craziness of the crypto market because four of those magical words which always ruin investors is:
‘This time it’s (that’s one word) different.’
And if we’ve learned from history, it’s generally never that different.”
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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.
Featured Image: Shutterstock/Tithi Luadthong