Crypto analyst Jason Pizzino thinks traders should be wary of Ethereum (ETH) rival Solana (SOL) as it displays a technical pattern reminiscent of its last cycle’s top.
In a new YouTube video, Pizzino tells his 300,000 subscribers that Solana is currently printing a similar pattern to what it showed when it peaked at around $260 in 2021.
[adinserter block="1"]The analyst noted that back in late November, when SOL was trading in the $55-$60 range, he predicted that the SOL rally would probably come to an end. He noted that SOL’s price surged from there, then pulled back, then made another attempt upwards before pulling back again.
“Doesn’t mean it’s the end, but it looks scarily similar to what happened at the peak here, just on a shorter-term time frame. You can see this massive pump up to about $220, the pullback, and then the market attempted to go higher, couldn’t do it, came underneath, got rejected, and then of course the macro bear market started from that point.”
Pizzino notes that Solana’s current resistance level is hovering around $75-$76, and he cautions that SOL’s top is “not even confirmed yet.” The analyst, however, says SOL’s potential moves to the upside at this point look “quite limited” compared to the asset’s potential crashes to the downside.
SOL is trading at $71.49 at time of writing.
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