The Decline of Solana (SOL) and Benjamin Cowen’s Prediction
The crypto market has experienced a downturn recently, with many assets suffering significant losses. Solana (SOL), a prominent cryptocurrency, has dropped by 11.50% in the last seven days and 16.17% in the last month.
- Benjamin Cowen, a popular crypto analyst, has made an interesting prediction about Solana. He sees similarities between its current price movement and the historical data of Cardano (ADA).
- Cowen believes that Solana’s price trajectory might mirror Cardano’s in the last crypto cycle.
- By analyzing the weekly charts of both assets, Cowen notes that Solana’s ranging market closely resembles Cardano’s price movement in 2019.
- Based on this analysis, Cowen predicts that Solana could experience a downward trend for the rest of 2023, potentially falling as low as $10.
- However, it’s important to remember that predictions are not guaranteed, and SOL investors should consider them as investment advice.
Solana’s Total Value Locked (TVL) Decline
In addition to the price decline, the Solana network has also seen a decrease in its Total Value Locked (TVL) by 4.5% in the last seven days.
- According to DefiiLlama, the majority of the DeFi ecosystem is facing challenges, with the total DeFi TVL dropping below $40 billion.
- Solana, along with other prominent networks like Ethereum, Cardano, and Polygon, has experienced a decline in TVL.
- At the time of writing, SOL is trading at $20.59 with a 2.16% loss in the last day, but it remains the ninth-largest cryptocurrency by market cap.
Hot Take
While the decline in Solana’s price and TVL may raise concerns for investors, it’s essential to approach predictions with caution. Benjamin Cowen’s analysis suggests a potential downward trend for SOL, but past performance does not guarantee future results. Investors should conduct thorough research and consider multiple factors before making any investment decisions.
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