January 27, 2023

Popular crypto trader Jason Pizzino is updating his views on Polygon (MATIC), Solana (SOL), and Cardano (ADA).

In a new video update, Pizzino tells his 279,000 YouTube subscribers that Blockchain scaling solution Polygon could see a drop of more than 30% from its current price of $0.798 if it hits a high time frame support level.

“[MATIC’s] held up relatively well between $0.70 and $1.00. But we’re just now starting to get that little glitch with the lower highs forming here on MATIC on the weekly chart…

And I would probably put some stops in play below that $0.70 level because that could then shoot us back to these $0.57 highs and possibly some of the lows around $0.30 to $0 .40 tests. But step by step. These lows break here and are likely to go back to the mid $0.50 to $0.60 on MATIC.

Source: Jason Pizzino/YouTube

Looking at Solana, he says Ethereum’s rival (ETH) never really recovered from the FTX collapse and could fall as low as $8 or $9.

“For Solana, we were looking at a slow grind area, should the market be able to hold it at $12 or $13 or $14 here. But it looks like it’s trying to retest this low at $11. Otherwise, if it could bounce pretty quickly after the FTX scandal, this would have been the healthy recovery here above the $25 level. But nevertheless, this is likely to go down again.

This will probably go to that ‘HODLer Tears’ section if $11 is included at this point…It’s a complete loss so far of 95% to 96% from its all-time high…If we go back to these lower levels, somewhere between that $8 and $9, you start getting a 97% loss.

Source: Jason Pizzino/YouTube

At the time of writing, Solana hands are trading for $12.19.

Pizzino also says ADA will likely fall further to just below $0.20 before finding support.

“I would look closer to the teens at the $0.20 area… We’ll see if this eventually forms a bottom pattern and then a breakout to the upside.

In general, this is going to take a long time for many of these cryptocurrencies. They have hardly tried to test the downtrend of the bear market in the logarithmic way [chart]and for the linear one [chart] they keep breaking to test previous resistance levels. We are now basically in no man’s land for ADA. So it’s going to start hurting quite a bit more here in the coming weeks and months.

Source: Jason Pizzino/YouTube

At the time of writing, ADA is changing hands for $0.255.

l

Don’t Miss Out – Subscribe to receive crypto email alerts delivered straight to your inbox

Check price action

follow us on TwitterFacebook and Telegram

Surf the Daily Hodl mix

View the latest news headlines

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making risky investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend buying or selling 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/X-Poser/Sol Invictus

Leave a Reply

Your email address will not be published. Required fields are marked *