Crypto analyst Jason Pizzino has drawn attention to the loss of momentum in Solana (SOL), seen as a major competitor of Ethereum (ETH), and stated that caution should be exercised with this altcoin. He emphasized that a significant technical formation, indicating the peak of the current cycle, has formed on SOL’s price chart.
In his latest YouTube video, Pizzino issued a warning for SOL. He noted that the altcoin had formed a pattern similar to a technical model that occurred when it peaked around $260 in 2021. At that time, the altcoin indeed peaked around $260 and then sharply retracted to as low as $7.60.
At the end of November, as SOL was trading between $55-60, the analyst mentioned that the SOL rally began to lose momentum and that the caught momentum was now about to end. He described how SOL’s price rose from this range, pulled back, and then after another upward movement, retracted again.
Pizzino mentioned that the current resistance level for SOL is around $75-76 and added that it is not yet certain whether the altcoin has reached its peak. However, he also emphasized that SOL’s potential for upward movements might be more limited compared to downward ones.
According to the latest data, Solana’s SOL decreased by 8.45% in the last 24 hours, trading at $64.91. During the same time frame, the altcoin’s highest and lowest price levels were recorded at $71.96 and $65.20, respectively.