High crypto dealer Benjamin Cowen thinks Solana (SOL) may very well be in for some tough days forward earlier than making a giant turnaround.
Cowen tells his 784,000 YouTube subscribers that Solana has “a bit extra resilient” than another altcoins due to its heavy capitulation on the finish of 2022.
The analyst notes SOL put in a low earlier this yr, then put in a excessive, then “swept the excessive.” Cowen compares it to Cardano’s (ADA) value trajectory in 2019.
“I’m questioning if Solana’s now going to comb the low. So if it breaks down beneath that trendline [around $16.50], which is an ‘if/then’ assertion, I don’t know for certain if it will, but when it did break down beneath that trendline, then it makes me marvel — does it truly go on to comb the low [around $11]?
Now I do know that is perhaps seen as a reasonably bearish view, however I can’t assist however bear in mind the final cycle when ADA… did the very same factor. It mainly capitulated over right here, put in a excessive, we then swept the excessive, after which we went down, and guess what? We swept the lows.
It was solely after Cardano swept the lows that it then took off right into a extra sustained run. So I’m nonetheless pondering that there’s a probability that a variety of these altcoins may fade again down and sweep a few of their lows, perhaps take these lows out. It may even happen as late as proper earlier than the halving.”
SOL is buying and selling at $24.20 at time of writing. The Tenth-ranked crypto asset by market cap is up almost 5% previously 24 hours.
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