Logo
Cardano Ecosystem

Timestabloid

08/09/2023

·

145 views


Benjamin Cowen Sees Solana (SOL) Replicating Cardano's (ADA) 2019 Bear Market Turnaround - Times Tabloid

Renowned crypto trader Benjamin Cowen has caught the attention of the crypto community with his intriguing analysis of Solana (SOL) price trajectory. Cowen, who boasts an impressive 784,000 YouTube subscribers, suggests in a recent strategic session that Solana might face some challenging times ahead, ultimately leading to a significant turnaround. Unlike other altcoins, Cowen highlights […]

Benjamin Cowen Sees Solana (SOL) Replicating Cardano's (ADA) 2019 Bear Market Turnaround - Times Tabloid

Renowned crypto trader Benjamin Cowen has caught the attention of the crypto community with his intriguing analysis of Solana (SOL) price trajectory.

Cowen, who boasts an impressive 784,000 YouTube subscribers, suggests in a recent strategic session that Solana might face some challenging times ahead, ultimately leading to a significant turnaround.

Unlike other altcoins, Cowen highlights Solana’s resilience, attributing it to the substantial capitulation the coin experienced towards the end of 2022. Drawing parallels to Cardano’s (ADA) historical price patterns in 2019, Cowen points out that trends could repeat themselves.

Read Also: Brian Armstrong: SEC Advised Coinbase to Delist Shiba Inu, Cardano, Solana, and 200+ Altcoins

Speculating on SOL’s future, Cowen proposes the possibility of the coin sweeping even lower than its current trendline of around $16.50, potentially reaching the $11 mark. While this may seem bearish at first glance, Cowen recalls that Cardano followed a similar trajectory during the previous cycle, eventually surging after sweeping its lows.

Cowen’s sentiment implies a potential scenario where altcoins, including Solana (SOL), could retrace and revisit their previous lows. Such a retracement might even occur shortly before the halving event, maximizing the element of surprise.

At the time of writing, SOL is valued at $24.39, with little or no price change in the past 24 hours. As the 10th-ranked crypto asset by market capitalization, Solana continues to garner attention from traders and investors alike.

We are on twitter, follow us to connect with us :- @TimesTabloid1

— TimesTabloid (@TimesTabloid1) July 15, 2023

Solana’s Resilience Amidst Market Turbulence

Despite the volatility present in the crypto market, Solana has managed to remain resilient, largely due to its previous heavy capitulation towards the end of 2022. This resilience sets Solana apart from other altcoins, providing a glimmer of hope for its potential turnaround in the near future.

Cowen draws compelling parallels between Solana’s current price trajectory and Cardano’s journey in 2019. ADA experienced a similar sequence of events, including a significant capitulation phase followed by both a high and low sweep. These trends culminated in Cardano’s sustained momentum, offering an optimistic outlook for SOL.

Read Also: Here’s Why Anatoly Yakovenko Says Solana (SOL) Can Handle Hundreds of Millions of Users

Speculation on Potential Price Retracement

Based on historical patterns, Cowen speculates that SOL could potentially retrace and sweep its lows, potentially dropping below its current trendline of approximately $16.50 and nearing the $11 mark. This possibility, although seemingly bearish, aligns with the previous cycle Cardano underwent before its notable surge.

An Upward Turnaround on the Horizon

Cowen’s analysis suggests that the altcoin market, including Solana (SOL), might experience a retracement before embarking on a more sustained upward trajectory. Based on his observations, this turnaround could manifest shortly before the halving event, offering substantial opportunities for traders and investors.

Solana’s current trading value reflects its positive sentiment in the market, with a notable 5% increase in the past 24 hours. Ranked 10th by market capitalization, SOL continues to captivate the attention of crypto enthusiasts due to its potential for growth.


Follow us on Twitter, Facebook, Telegram, and Google News

Adedoyin Aka

Adedoyin Aka

Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Timestabloid

ORIGINAL SOURCE

https://timestabloid.com/benjamin-cowen-...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


An image that says Learn Blockchain technology and get ahead in the industry with a link to the Cardano Academy.

More from Timestabloid

See more
Analyst: Cardano (ADA) Is 10x Stronger Than Last Cycle At This Moment
Timestabloid
Analyst: Cardano (ADA) Is 10x Stronger Than Last Cycle At This Moment

last Wednesday at 7:55 AM

·

13 views

Related News

See more
Cardano Summit 2024

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)