A widely followed crypto analyst believes that Ethereum (ETH) rival Cardano (ADA) is unlikely to post new all-time highs this cycle.
In a new video update, crypto strategist Jason Pizzino tells Its 337,000 YouTube subscribers indicate that ADA is not showing sufficient market strength so far this cycle, making an explosive breakout unlikely at this point.
“If Cardano can make $10 this cycle, maybe come back to me. But other than that, this could just be another waste of people’s time.
The analyst compares ADA’s price action on the weekly time frame to that of Solana (SOL), another ETH rival.
According to Pizzino, SOL’s all-time high is within reach after a series of rallies this cycle and there is the possibility of longer rallies beyond the all-time high.
‘What you want to see on a graph… we’re looking at Solana, you broke through here with 50%, $211. Price is still up. The power is still on his side. Yes, it’s up 20x from the low here at $8 to $10. But there is still power in the graph. It hits an all-time high and returns to its previous all-time high around $260. That’s the kind of thing you want to see right now, because there’s only so much time left…
It’s like an airplane… If you just sit on the ground with the engine running, the fuel just burns, but you still have to get from Australia to Europe. You’re running out of time. All that fuel gets eaten. And that’s what’s happening to ADA holders. They sit there with the engine running and they have to go back home [the all-time high at around $3] At least, but then they want to get further, and then time may run out. Those are just the odds. They could do it. But the odds say it’s unlikely.
While inside [SOL’s] In that case, you are essentially back at these highs and getting ready to move on to the next price targets. And in the case of SOL, you’re looking at $260, then $312 and then in terms of an extension of the whole movement that we’ve seen so far, somewhere around $400.”
Solana is trading at $215 at the time of writing, up 2% in the last 24 hours and up 312% in the last year. Meanwhile, ADA is trading at $0.58 at the time of writing, up 2.5% in the last 24 hours and up 62% in the last year.
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