Prime crypto dealer Benjamin Cowen thinks Solana (SOL) may very well 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 12 months, 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 under that trendline [around $16.50], which is an ‘if/then’ assertion, I don’t know for positive if it might, but when it did break down under that trendline, then it makes me marvel — does it really go on to brush the low [around $11]?
Now I do know that could be seen as a reasonably bearish view, however I can’t assist however keep in mind the final cycle when ADA… did the very same factor. It principally 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 likelihood that a whole lot 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% up to now 24 hours.
I
Do not Miss a Beat – Subscribe to get e-mail alerts delivered on to your inbox
Verify Worth Motion
Observe us on Twitter, Fb and Telegram
Surf The Every day Hodl Combine
 
Disclaimer: Opinions expressed at The Every day Hodl are usually not funding recommendation. Buyers ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal threat, and any loses you might incur are your accountability. The Every day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital property, neither is The Every day Hodl an funding advisor. Please notice that The Every day Hodl participates in affiliate internet marketing.
Generated Picture: Midjourney
