Renowned crypto trader Benjamin Cowen has caught the attention of the crypto community with his intriguing analysis of Solana (SOL) price trajectory.
Cowen, who boasts an impressive 784,000 YouTube subscribers, suggests in a recent strategic session that Solana might face some challenging times ahead, ultimately leading to a significant turnaround.
Unlike other altcoins, Cowen highlights Solana’s resilience, attributing it to the substantial capitulation the coin experienced towards the end of 2022. Drawing parallels to Cardano’s (ADA) historical price patterns in 2019, Cowen points out that trends could repeat themselves.
Speculating on SOL’s future, Cowen proposes the possibility of the coin sweeping even lower than its current trendline of around $16.50, potentially reaching the $11 mark. While this may seem bearish at first glance, Cowen recalls that Cardano followed a similar trajectory during the previous cycle, eventually surging after sweeping its lows.
Cowen’s sentiment implies a potential scenario where altcoins, including Solana (SOL), could retrace and revisit their previous lows. Such a retracement might even occur shortly before the halving event, maximizing the element of surprise.
At the time of writing, SOL is valued at $24.39, with little or no price change in the past 24 hours. As the 10th-ranked crypto asset by market capitalization, Solana continues to garner attention from traders and investors alike.
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Solana’s Resilience Amidst Market Turbulence
Despite the volatility present in the crypto market, Solana has managed to remain resilient, largely due to its previous heavy capitulation towards the end of 2022. This resilience sets Solana apart from other altcoins, providing a glimmer of hope for its potential turnaround in the near future.
Cowen draws compelling parallels between Solana’s current price trajectory and Cardano’s journey in 2019. ADA experienced a similar sequence of events, including a significant capitulation phase followed by both a high and low sweep. These trends culminated in Cardano’s sustained momentum, offering an optimistic outlook for SOL.
Speculation on Potential Price Retracement
Based on historical patterns, Cowen speculates that SOL could potentially retrace and sweep its lows, potentially dropping below its current trendline of approximately $16.50 and nearing the $11 mark. This possibility, although seemingly bearish, aligns with the previous cycle Cardano underwent before its notable surge.
An Upward Turnaround on the Horizon
Cowen’s analysis suggests that the altcoin market, including Solana (SOL), might experience a retracement before embarking on a more sustained upward trajectory. Based on his observations, this turnaround could manifest shortly before the halving event, offering substantial opportunities for traders and investors.
Solana’s current trading value reflects its positive sentiment in the market, with a notable 5% increase in the past 24 hours. Ranked 10th by market capitalization, SOL continues to captivate the attention of crypto enthusiasts due to its potential for growth.