Crypto analyst Jason Pizzino expresses skepticism about Cardano (ADA) reaching new all-time highs in the current market cycle. During a recent assessment on his YouTube channel, he noted that ADA has not demonstrated sufficient market strength, making a significant price surge seem unlikely.
Pizzino Compares Cardano and Solana's Performance
Pizzino compared Cardano's price movements to those of Solana (SOL), another competitor of Ethereum. He highlighted that Solana has achieved all-time highs due to its rally performance in previous cycles, indicating a strong market position.
Analyzing Solana's chart, Pizzino observed that after surpassing the $211 level, the price has maintained an upward trend. Currently trading at $215, Solana has recorded a 312% increase since the beginning of the year, while ADA is at $0.58, reflecting a 62% rise on an annual basis.
Pizzino Identifies Weakness in Cardano
Pizzino emphasized that reaching the previous peak of $3 is essential for ADA. However, he pointed out that time is running out for investors looking to surpass this level. He noted a lack of strength in ADA's current chart, stating it fails to offer robust market support, unlike Solana.
The analyst suggested that Solana has the potential to reach levels of $260 and $312, with the possibility of hitting $400 in the long term.
What Should Investors Do?
Pizzino indicated that Cardano investors are facing a challenging period, while Solana's strong performance captures attention. He advised investors to consider current market conditions and analyses when shaping their portfolios.
In conclusion, ADA seems unlikely to achieve new records in this cycle, while Solana continues to stand out with its promising chart and upward potential.
