Analyst Updates Outlook on Bitcoin and Solana, Says Catalyst Could Cause Cardano to ‘Roll the Market Over’
A popular cryptocurrency analyst and trader charts the way 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 hitting consecutive lower highs for about a week.
“Bitcoin is still just holding up there. Now, however, the trend is uncertain. It has fallen below the previous daily swing low around $18,900, and the previous low just in the last 24 hours was around $18,800 or $18,700.
Anyway, the days have been down for about six or seven days now.”
Bitcoin is trading at $18,699 at the time of writing.
As for Cardano, Pizzino says the eighth-largest crypto asset by market capitalization is the “weak horse” after falling to a 20-month low.
According to the cryptoanalyst and trader, bad news about Cardano could have a negative impact on the rest of the digital asset market.
“ADA hit 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 than other markets because the trend is clearly down and it has broken to new lows. It is much weaker, it is your weak horse.”
Cardano is trading at $0.36 at the time of writing, a level last reached in February 2021.
Pizzino says 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 the time of writing, the lowest last reached in July 2021.
Comparing the smart contract blockchains Cardano, Solana and Ethereum (ETH), Pizzino says Cardano is the weakest of the three. Ethereum is in the stronger position of the trio, according to Pizzino.
“Solana, similar. But it has not broken to new lows yet.
ETH is higher by around $1280 or so and it is still above the $880 low. So it is in a stronger position.
While Solana is a bit weaker and ADA, weaker of the three.”
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Featured image: Shutterstock/Fernando Batista
