Analyst Updates Outlook on Bitcoin and Solana, Says One Catalyst Could Trigger Cardano To ‘Roll the Market Over’
A popular cryptocurrency analyst and trader is mapping out the path forward for Bitcoin (BTC), Solana (SOL) and Cardano (ADA).
Starting with Bitcoin, crypto trader Jason Pizzino tells his 276,000 YouTube subscribers that the flagship crypto asset is facing an uncertain trend after recording successive lower highs for about a week.
“Bitcoin’s still just holding up there. However, the trend is now uncertain. It has dropped below the previous daily swing low of about $18,900 and so the previous low just in the last 24 hours was about $18,800 or $18,700.
Either way, the days have been down for about six or seven days now.”
Bitcoin is trading at $18,699 at time of writing.
Turning to Cardano, Pizzino says that the eighth-largest crypto asset by market cap is the “weak horse” after falling to a 20-month low.
According to the crypto analyst and trader, bad news on Cardano could have a negative impact on the rest of the digital asset market.
“ADA reached new lows. We hit $0.38 and the trend is down. So if we get some bad news, it’s going to roll that market over. More so than other markets because the trend is clearly down and it’s broken to new lows. It’s much weaker, that’s your weak horse.”
Cardano is trading at $0.36 at time of writing, a level last reached in February of 2021.
Pizzino says that rival programmable blockchain Solana is in a similar position to Cardano but it hasn’t fallen as much. Solana is trading at $28.95 at time of writing, a low last reached in July of 2021.
Comparing the smart contract blockchains Cardano, Solana and Ethereum (ETH), Pizzino says that Cardano is the weakest of the three. Ethereum is in the stronger position of the trio, according to Pizzino.
“Solana, similar. But it hasn’t broken to new lows yet.
ETH is higher sitting around $1,280 or so and it’s still above its low of $880. So it’s in a stronger position.
Whereas Solana is slightly weaker and ADA, weaker out of the three.”
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