Popular crypto trader Jason Pizzino is updating his outlook 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 more than 30% decline from its current price of $0.798 if it takes out a high timeframe support level.
“[MATIC’s] been holding up relatively well between $0.70 and $1.00. But we’re just starting to get that slight breakdown now with the lower tops forming here on MATIC on the weekly chart…
And I would probably be setting some stops in play underneath that $0.70 level, because that could then shoot us back down to these peaks of $0.57 and potentially testing some of the lows around the $0.30 to $0.40. But one step at a time. These lows break here, probably going to head back towards the mid-$0.50s to $0.60 level on MATIC.”
Looking at Solana, he says the Ethereum (ETH) rival never really recovered from the FTX collapse and may plummet to the $8 or $9 range.
“For Solana, we were looking at a slow grind area should the market be able to hold up here at $12 or $13 or $14. But it looks like it is trying to test this low again at $11. Otherwise, if it was able to bounce quite quickly after the FTX scandal, this would have been the healthy recovery here above the $25 level. But, nonetheless, this is probably going to head back down.
This is probably going to head into that ‘HODLer Tears’ section if $11 is taken out at this point… It’s at so far a 95% to 96% complete loss from the all-time high … If we go back to these lower levels, somewhere between that $8 and $9, you start to get around a 97% loss.”
At time of writing, Solana is trading hands at $12.19.
Pizzino also says ADA is likely to decline further to just below $0.20 before finding support.
“I’d be looking closer towards the teens to the $0.20 area… We will wait to see whether this gets a bottom pattern forming eventually and then a breakout to the upside.
Overall this is going to take a long time for a lot of these cryptocurrencies. They have barely tried to test the bear market downtrend on the logarithmic [chart], and for the linear [chart] they continue to breakdown to test previous resistance levels. We’re basically sitting in a no man’s land right now for ADA. So it’s going to be a fair bit more pain here involved over the coming weeks and months.”
At time of writing, ADA is changing hands at $0.255.
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