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Crypto analyst Jason Pizzino, who is closely followed, emphasized the loss of momentum for Solana’s SOL, which is often seen as a competitor to the largest smart contract platform Ethereum (ETH), suggesting caution should be exercised with this altcoin. The analyst pointed out that an important technical formation, indicating the peak of the current cycle, has formed on Solana’s price chart.
In his latest YouTube video, experienced crypto analyst Pizzino issued a warning for Solana’s SOL. He mentioned that the altcoin has formed a technical pattern similar to the one seen when it peaked at around $260 in 2021. At that time, the altcoin had indeed peaked around $260 before pulling back sharply to as low as $7.60.
The analyst noted that by the end of November this year, when SOL was trading in the $55-60 range, the SOL rally began to lose momentum, and the momentum caught is now about to end. Pizzino pointed out that SOL’s price rose from this range, pulled back, and then made another upward movement before pulling back again, saying:
“Of course, this does not mean it is the end, but here, it looks terribly similar to what happened during its last peak in the short term. Looking at the chart, you can see this big rise to about $220 followed by a pullback, then it tried to rise again, failed, went below, tried again, was unsuccessful, and then at that point entered the macro bear market.”
On the other hand, Pizzino mentioned that the current resistance level for SOL is around $75-76 and added that it is not yet confirmed that the altcoin has reached its peak. However, he also emphasized that SOL’s current potential for upward movements could be more limited compared to downward movements.
According to recent data, Solana’s SOL has seen a decrease of 8.45% in the last 24 hours, trading at $64.91. The altcoin’s highest and lowest price levels during the same time period were recorded at $71.96 and $65.20, respectively.
