Top crypto trader Benjamin Cowen believes Solana (SOL) may face some tough times ahead before experiencing a significant turnaround.
Cowen, who has a substantial following on YouTube, explains that Solana has shown more resilience compared to other altcoins due to its significant capitulation in 2022. Here are the key points he highlights:
- SOL reached a low earlier this year, then hit a high, and subsequently “swept the high.”
- Cowen draws a comparison to Cardano’s price trajectory in 2019, which followed a similar pattern.
- He wonders if Solana will now “sweep the low” and break below the $16.50 trendline.
- Cowen recalls that Cardano experienced a similar situation before it saw sustained growth.
- He suggests that several altcoins may also retrace and potentially hit new lows, even close to the halving.
Currently trading at $24.20, SOL, the 10th-ranked cryptocurrency by market cap, has seen a nearly 5% increase in the past 24 hours.
