The post Here Is What A Top Analyst Predicts Will Happen To Polygon (MATIC), Solana (SOL), And Cardano (ADA) appeared first on Coinpedia Fintech News
The bulls appear to be gaining traction in the cryptocurrency market, with some speculating that a bull run may be imminent. According to CoinGecko, the total market capitalization of all cryptocurrencies has remained around $845 billion over the past 24 hours, still below the $1 trillion mark.
However, the market has been largely influenced by a recent increase in US consumer confidence, leading to a decline in the value of many cryptocurrencies.
YouTube influencer Pizzino has warned his 279,000 followers in a new video that the cryptocurrency Polygon (MATIC) could potentially drop by 30% from its current price of $0.798 if it falls below a key support level in the near future. MATIC has remained stable between $0.70 and $1.00, but recent lower peaks on its weekly chart suggest a minor breakdown may be occurring.
If Pizzino were to trade this cryptocurrency, he would reportedly set stop orders below the $0.70 mark, which could potentially cause the price to fall to the range of $0.30 to $0.40. However, Pizzino advises caution and notes that if these lows are broken, MATIC may return to the $0.50s or $0.60s.
According to him, the cryptocurrency Solana, an alternative to Ethereum (ETH), may drop to $8 to $9 due to its inability to fully recover from a recent dip on the FTX exchange.
Solana will enter a risky period with potentially low returns if the market can hold at its current levels of around $12 to $14. At present, the cryptocurrency appears to be attempting to test its $11 support level. While a swift bounce after the FTX incident could have brought Solana above the $25 mark, it seems likely to fall again in the near future.
So if $11 is taken out now. It will be down 95%-96% from its all-time high. Dropping back to those earlier levels, between $8 and $9, would result in a loss of around 97%.
At this writing, the price of a share of Solana is $12.19.
According to Pizzino, the cryptocurrency ADA is expected to drop to around $0.20 before finding support. He suggests focusing on the range of $0.10 to $0.20 for this cryptocurrency. It is unclear whether a bottom pattern will form and lead to an upward breakout in the future.
Many of these cryptocurrencies may take a long time to recover and may test past resistance levels on linear charts before showing signs of a bear market downturn on logarithmic charts. Currently, ADA is in a state of limbo, and Pizzino warns that there may be a significant amount of difficulty in the coming weeks and months
The price of ADA is $0.255 at the time of writing.