- Jason Pizzino shares his price outlook for the MATIC, SOL, and ADA markets.
- The ecosystems of the three altcoins are entering 2023 with high hopes and prospects of gaining massive traction.
Cryptocurrency price projections for 2023 continue to come in as the year winds down. The latest analyst to share his predictions for some altcoins in the market is popular crypto trader, Jason Pizzino.
Pizzino updates his outlook for Polygon (MATIC), Solana (SOL), and Cardano (ADA) in a new technical analysis video. He told over 279k YouTube subscribers that in his opinion, the price of MATIC has shown strength recently.
He points out that MATIC has held up relatively well between $0.70 and $1.00. But at present, the token is starting to see a slight breakdown with lower tops forming. Based on this, he recommended a cautious trading strategy.
“And I would probably be setting some stops in play underneath that $0.70 level because that could then shoot us back down to these peaks of $0.57 and potentially testing some of the lows around the $0.30 to $0.40,” he said.
He added that he is taking the strategy one step at a time. This is because a break at current levels would probably send MATIC back to mid $0.50 and $0.60 price levels. MATIC was changing hands at around $0.79, down 0.45% in the last 24 hours at the time of writing.
Read more: Polygon is ‘unlocking something big’ as daily active Web3 users explode – Will MATIC price follow?
His opinion on SOL is to thread with similar caution. Pizzino shared that SOL may have not completely recovered from the FTX collapse and may plummet to the $8 or $9 range. These levels which he tags as “HODler tear” section would put SOL at a 97% drop from all-time high prices.
SOL currently trades at around $12.14, up 0.23% in the last 24 hours. Pizzino opines that if the market can hold out the “slow grind” price range, it could recover to the $25 price level.
Meanwhile, his analysis of ADA maintains the token will likely decline further before finding support at $0.20.
Polygon, Solana, and Cardano emerging as development epicenters.
The three altcoins are notably the native tokens of some of the most exciting blockchain networks. Cardano currently leads the blockchain industry as the most actively developed network by GitHub commits.
The proof-of-stake has updates lined up for 2023 including introducing decentralized governance. Polygon, meanwhile, has clinched multiple partnerships with global brands like Starbucks, Nike, and Meta in recent months. These partnerships have driven the Ethereum scaling protocols NFT ecosystem to new levels.
Development activity in the Solana ecosystem is equally encouraging to observers. This is especially as the ecosystem fights back from losing key supporters to the FTX collapse while also fixing its regular network downtime issues.