A prominent analyst warns Cardano (ADA)and Solana investors, saying they could correct even sharper in the short term.
Known in the industry by the nickname Pentoshi, he told his 453,500 Twitter followers that after a boom of $ 1.51 on October 1, 2021, he went to the current price of $ 168.32 on the smart- Contract platform Solana is aiming for a steep decline.
“Smart money never goes into coins that grow 250x in a year like this.
The opposite of patience is foolishly spending money. From my point of view, the chances are no longer good. Although I think that Q1 will bring a breath of fresh air to many coins. “
SOL / USDT 3-day chart | The source: Pentoshi / Twitter
According to him, SOL has ended its bullish cycle and could correct into the USD 60-80 zone in the short term.
Looking at Cardano, Pentoshi said the smart contract platform will bounce back from a sharp drop of $ 3.00.
However, he warns that this rally is a dead hop and ADA will drop below $ 1 on the next test.
“This is the outlook for ADA in 2022. It will lose $ 1 on the next try and go for $ 0.50.”
ADA / USDT 3-day chart | The source: Pentoshi / Twitter
On Bitcoin (BTC), Pentoshi said that while he is pessimistic about BTC, he is open to changing his mind if he manages to break out of an important area of resistance.
“My devaluation will be for $ BTC to reclaim the $ 58,000 to $ 60,000 zone.
That is a clear level in all periods. “
BTC / USDT 3-day chart | The source: Pentoshi / Twitter
You can see the SOL, ADA prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.