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Potential for Solana (SOL) to Replicate Cardano’s (ADA) 2019 Bear Market Turnaround, According to Benjamin Cowen

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Crypto latest news renowned cryptocurrency trader Benjamin Cowen anticipates challenging times ahead for Solana (SOL) before a substantial reversal takes place.

Addressing his extensive audience of 784,000 subscribers on YouTube, Cowen suggests that Solana’s path could be more robust compared to certain other altcoins, attributing this to its significant capitulation towards the conclusion of 2022.

Solana’s Price Trajectory and Potential Parallels to Cardano’s Past, Explored by Analyst

Crypto latest news the analyst’s observations highlight Solana’s recent price dynamics, which encompassed a low earlier in the year, followed by a high, and subsequently, a retrace to what’s termed as “sweeping the high.” In drawing parallels, Cowen draws an analogy with Cardano’s (ADA) price movement in 2019.

Delving into his contemplations, Cowen raises the possibility of Solana potentially revisiting its low point. He introduces a scenario wherein, if the price were to breach the trendline around $16.50—an event he posits with a degree of uncertainty—it sparks the query of whether a further decline below that trendline to approximately $11 would unfold.

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While this perspective might be interpreted as leaning towards a bearish stance. Cowen recalls the previous cycle when ADA followed a similar trajectory. In that cycle, ADA witnessed a capitulation phase, marked a high. Experienced a sweeping retrace of that high, and subsequently descended to revisit its lows.

Drawing Insights from Cardano’s History, Potential Scenario for Altcoins’ Trajectory Discussed

Only after the process of sweeping the lows did Cardano witness a notable surge. Marking the onset of a more sustained upward trend. In light of this historical context, the notion of several altcoins retracing to revisit their lows gains consideration. It’s plausible that this retracement could extend to breaking those lows. With the possibility even extending to occurring shortly before the halving event.

As of the current moment, SOL is being traded at $24.20. This crypto asset, ranked as the 10th largest by market capitalization. Has demonstrated an almost 5% increase over the last 24 hours.

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