Renowned altcoin analyst Benjamin Cowen warned of the potential downward trajectory of Solana (SOL), an Ethereum (ETH) competitor, drawing parallels with the fate of Cardano (ADA) in the previous cycle. Cowen, who has more than 754,600 followers on social media platform X, expressed concern that Solana could suffer a significant drop to reflect the decline ADA is facing. Here are the details…
Analyst adds crash for altcoin SOL
In Cowen’s assessment, Solana is currently facing a dangerous situation where she could lose critical support levels. If these support levels are surpassed, the crypto could experience a significant drop, possibly as low as $10. This projection indicates a potential decrease of over 50% from its current value. Cowen pointed out that in the previous cycle, Cardano experienced a significant price drop from around $0.10 to $0.028 between May 2019 and May 2020. Drawing parallels, Cowen suggests that Solana may enter a similar price trajectory if it fails to maintain support levels.
As of the time of this writing, Solana is trading at $21.67, up 5.4% in the last 24 hours. This current market situation adds an element of uncertainty to Cowen’s forecast, as market conditions can change rapidly in the crypto space.
What’s next for BTC and LTC?
In addition to the Solana analysis, Cowen also explored potential scenarios for Bitcoin (BTC). He came up with the idea that Bitcoin could form a double bottom formation and return to the $13,000-14,000 range before starting an upward move. This predicted scenario depends on the FED’s expected pivot in early 2024. Turning his attention to Litecoin (LTC), Cowen offered his insights on the future performance of the peer-to-peer payments network. Based on past price movements, he believes that Litecoin’s rise may not occur until after Bitcoin’s planned halving in April 2024. Also, Cowen predicts that Litecoin will eventually underperform compared to Bitcoin, even if it experiences an uptrend.
At the time of this writing, Litecoin is trading at $65.61, up a modest 1.3% in the last 24 hours. Cowen’s analysis suggests that Litecoin investors may need to be patient until after Bitcoin’s halving event before expecting significant price action. While Cowen’s insights Solana provide valuable perspectives on the potential aspects of Bitcoin and Litecoin, it is important to remember that the cryptocurrency market is extremely dynamic and subject to rapid fluctuations. As Kriptokoin.com we always report, investors and traders should consider various perspectives and conduct extensive research before making any investment decision.
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