Source: dailyhodl.com
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.
I
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any 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
Read More at dailyhodl.com