As the cryptocurrency market fluctuates, a widely-followed crypto analyst updates his view on Ethereum (ETH), competitor Solana(SOL).
Benjamin Cowen, a crypto-strategist with 808,000 YouTube followers tells them that the value of Solana may plummet if 2019’s market patterns repeat themselves.
Cowen’s TOTAL3 chart shows alts rose in 2019, but plummeted the same year after the Federal Reserve adopted a more lenient monetary policy. After years of rate hikes, the Fed will likely cut rates in January after several years.
“[Altcoins] enjoyed a small rally but are now giving it all back. This is what happened during the previous cycle. Altcoins rose. The altcoins rallied and gave back all the gains in the year of halving. Then, they gave all of it back during the half-year and the year before. Around the same time that a looser monetary system was introduced, they gave back all of their gains. Many of these gains, many of them are returned. You have to ask yourself if it is doing exactly the same. The Alts still struggle to make it here .”
Cowen warns that SOL may not have reached its highest point (ATH), and it could face a similar sell-off to the alts of 2019.
I tip my hat at Solana for its outperformance of Bitcoin in 2023. “I will remind everyone that other alts went to new all time highs …[SOL] still isn’t a higher low…
Solana currently trades for $143 as of the time this article was written, down over 3% from its previous 24 hour high.
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The post Benjamin Cowen, Analyst Benjamin updates Solana’s (SOL), Says Ethereum rival may repeat 2019 fakeout can be updated as new information becomes available.
