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A widely followed crypto analyst says that holders of smart contract platform Solana (SOL) may be due for the same pain Ethereum (ETH) traders felt during previous cycles.
In a new interview on the Crypto Banter YouTube channel, popular crypto trader Benjamin Cowen says that Solana paired against Bitcoin (SOL/BTC) is printing the same patterns that ETH/BTC did years ago before stagnating.
“A lot of these altcoins follow this pattern, and I want to show you this really interesting pattern by Solana…
It’s following the same pattern so far – look at ETH/BTC. This was a 90% drop followed by a 500% rally [and] right and after that 500% rally, ETH/BTC got this drop and this drop was essentially putting in higher lows.
It was putting in higher lows [and] everyone was calling for the flipping. It got [another] drop and then it had one more rally into the merge and then [it slowly descended until now]. Think about that chart – 90% down, 500% up, higher lows, fake out, one last rally.
And then look [at] SOL/BTC, it’s the same thing, it’s identical.”
Cowen goes on to note that traders shouldn’t panic if Solana sees a major dip as there’s a chance it will recover, just like ETH/BTC did. However, he notes the SOL/BTC pair may enter a lengthy downtrend after its recovery as well.
“If it breaks down, it doesn’t mean it’s over. You could have a scenario where it repeats what ETH/BTC did where it breaks down [and] people might think that’s the end.
But it could very well just pop right back up in 2025 – exactly what ETH/BTC did – and then start to fade out in 2026, so there’s a chance something like that happens.”
SOL/BTC is trading for $0.0021 BTC ($216) while ETH/BTC is valued at $0.038 ($3,921).
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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