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Prime crypto dealer Benjamin Cowen thinks Solana (SOL) could possibly be in for some tough days forward earlier than making an enormous 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) worth trajectory in 2019.
“I’m questioning if Solana’s now going to brush the low. So if it breaks down beneath that trendline [around $16.50], which is an ‘if/then’ assertion, I don’t know for positive if it will, but when it did break down beneath that trendline, then it makes me surprise — does it truly go on to brush 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 considering that there’s a likelihood that a number of these altcoins might fade again down and sweep a few of their lows, possibly take these lows out. It might 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% up to now 24 hours.
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