Recent reports suggest that Solana may experience a similar fate to Cardano’s bear market turnaround in 2019. Leading crypto trader Benjamin Cowen predicts that Solana (SOL) may face some challenging days ahead before experiencing a significant rebound.

SOL could see ADA’s fate from 2019

Cowen, who has a following of 784,000 subscribers on YouTube, believes that SOL is more resilient than other altcoins due to its strong capitulation at the end of 2022.

He notes that SOL hit a low earlier this year and then reached a high before sweeping the high. Cowen compares this trajectory to Cardano’s (ADA) price movement in 2019.

“I’m wondering if Solana’s now going to sweep the low. So if it breaks down below that trendline [around $16.50], which is an ‘if/then’ statement, I don’t know for sure if it would, but if it did break down below that trendline, then it makes me wonder — does it actually go on to sweep the low [around $11]?”

He continued and said the following:

“Now I know that might be seen as a fairly bearish view, but I can’t help but remember the last cycle when ADA… did the exact same thing. It basically capitulated over here, put in a high, we then swept the high, and then we went down, and guess what? We swept the lows.

It was only after Cardano swept the lows that it then took off into a more sustained run. So I’m still thinking that there is a chance that a lot of these altcoins could fade back down and sweep some of their lows, maybe take those lows out. It could even occur as late as right before the halving.”

SOL is trading at $24.20 at time of writing. The 10th-ranked crypto asset by market cap is up nearly 5% in the past 24 hours.

Stay tuned for more news from the crypto space and make sure to check out the markets as well.

Leave a Comment