A widely followed crypto analyst believes that Ethereum (ETH) rival Cardano (ADA) is unlikely to print new all-time highs this cycle.
In a new video update, crypto strategist Jason Pizzino tells his 337,000 YouTube subscribers that ADA is not showing enough market strength so far this cycle, making an explosive breakout improbable at this point.
[adinserter block="1"]“If Cardano is able to do $10 this cycle, then maybe come back at me. But apart from that, this thing could be just another waste of people’s time.”
The analyst compares ADA’s price action on the weekly timeframe to Solana’s (SOL), another ETH rival.
According to Pizzino, SOL’s all-time high is within reach after a series of rallies this cycle and there is the possibility of extended rallies beyond the all-time high.
“What you do want to see in a chart… we’re looking at Solana, you got the breakthrough here at 50%, $211. Price is still up. The strength is still on its side. Yes, it’s up at 20x from the low here at $8 to $10. But there is still strength in the chart. It’s breaking highs, and it’s getting back to its previous old all-time high at around $260. That’s the sort of thing you want to see at this time, because there’s only so much time left…
It’s like a plane… If you’re just sitting on the ground with the engine running, the fuel is just burning, but you still need to get from Australia to Europe. You’re running out of time. All that fuel is getting eaten up. And that’s what’s happening with the ADA holders. They’re sitting there with the engine running, and they got to get back to [the all-time high at around $3] at least, but then they want to get further, and then possibly they will run out of time. That’s just the probabilities. They could do it. But the probabilities say it’s unlikely.
Whereas in [SOL’s] case, you’re basically back at these highs, and you’re getting ready to take off to the next price targets. And in the case of SOL, you’re looking at $260, then $312 and then in terms of an extension of the entire move that we’ve seen so far, somewhere around $400.”
Solana is trading for $215 at time of writing, up 2% in the last 24 hours and up 312% in the past year. Meanwhile, ADA is trading for $0.58 at time of writing, up 2.5% in the last 24 hours and up 62% in the past year.
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