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Crypto analyst Jason Pizzino has issued a warning to traders about Solana (SOL), a rival to Ethereum (ETH), as it is displaying a technical pattern similar to its previous cycle’s peak. Pizzino, who has a large following on YouTube, points out that Solana is currently showing a pattern reminiscent of when it reached its peak at around $260 in 2021.
In late November, Pizzino predicted that the rally in SOL, which was trading in the $55-$60 range at the time, would likely come to an end. However, the price of SOL surged before pulling back and making another attempt to go higher. Pizzino highlights that the current resistance level for SOL is around $75-$76, but he cautions that the top is not yet confirmed.
According to Pizzino, the potential for SOL to move upwards at this point seems limited compared to the potential for significant downward crashes. As of now, SOL is trading at $71.49.