Solana (SOL) Could Mirror Cardano’s 2019 Rebound, Says Cowen

Leading cryptocurrency trader Benjamin Cowen believes Solana (SOL) may face challenging times before experiencing a significant reversal.

Due to its significant capitulation at the end of 2022, Cowen assures his 784,000 YouTube subscribers that Solana is “a bit more resilient” than other altcoins.

According to the expert, SOL established a low earlier this year, followed by a high, and finally “swept the high.” Cowen contrasts it to the 2019 price trajectory of Cardano (ADA).

“I’m wondering if Solana’s now going to sweep the low. So if it breaks down below that trendline [around $16.50], which is an ‘if/then’ statement, I don’t know for sure if it would, but if it did break down below that trendline, then it makes me wonder — does it actually go on to sweep the low [around $11]? 

Now I know that might be seen as a fairly bearish view, but I can’t help but remember the last cycle when ADA… did the exact same thing. It basically capitulated over here, put in a high, we then swept the high, and then we went down, and guess what? We swept the lows. 

It was only after Cardano swept the lows that it then took off into a more sustained run. So I’m still thinking that there is a chance that a lot of these altcoins could fade back down and sweep some of their lows, maybe take those lows out. It could even occur as late as right before the halving.”

SOL is currently trading for $24.20. The cryptocurrency asset with the tenth-highest market cap has gained around 5% during the last day.