- Benjamin Cowen forecasts Solana’s potential trajectory mirroring Cardano’s 2019 shift from bear to bull.
- Solana’s resilience highlighted post-2022 capitulation, but a potential decline to sweep lows remains plausible.
Tracing Solana’s Possible Path via Cardano’s Past
Prominent cryptocurrency analyst, Benjamin Cowen, renowned for his acute market insights shared with his vast 784,000 YouTube subscribers, has laid out a prospective path for Solana (SOL), drawing parallels with Cardano’s (ADA) historical price movement in 2019. Cowen presents a meticulous breakdown of the potential similarities, raising the intriguing possibility of Solana emulating Cardano’s past trajectory.
Solana’s distinct resilience in the crypto marketplace has made it stand apart, especially given its pronounced capitulation towards the tail end of 2022. Observing its price actions, Cowen points out that SOL initially charted a low earlier in the year, proceeded to reach a high, and eventually “swept the high.” This pattern bears a striking resemblance to the price behavior exhibited by Cardano in 2019.
Could Solana “Sweep the Low”?
The pressing question Cowen raises pertains to Solana’s next potential move. He muses on the possibility of Solana breaking beneath a critical trendline, hovering around $16.50. A descent past this point could pave the way for the crypto to “sweep the low,” potentially settling around the $11 mark. Such a movement, though seemingly bearish on the surface, draws its foundational hypothesis from Cardano’s historic price actions.
In the previous cycle, ADA mirrored a similar pattern: post-capitulation, it registered a high, swept said high, only to decline and sweep its lows. Significantly, it was this decisive sweeping of lows by Cardano that prefaced its ascent into a more consistent upward trajectory. Drawing from this historical parallel, Cowen hypothesizes the potential for numerous altcoins, Solana included, to possibly retrace to their lows before catalyzing a more pronounced rally. This pivotal moment could manifest right on the cusp of the halving.
As of the latest data, Solana’s trading value stands at $24.20. Holding the 10th position in the global cryptocurrency rankings based on market capitalization, it has witnessed an upward momentum of nearly 5% over the last day.