Analyst Benjamin Cowen Updates Solana (SOL) Outlook, Says Ethereum Rival May Be Repeating 2019 Fakeout

A widely followed crypto analyst is updating his outlook on Ethereum (ETH) competitor Solana (SOL) as the market chops around.

In a new video update, crypto strategist Benjamin Cowen tells his 808,000 YouTube subscribers that Solana could plummet in value if a similar https://cdn.thebittimes.com/images/2024/08/29/c0ca925320dc3c7dc0254ef79fed95a1.webp9 market pattern plays out again.

Looking at the TOTAL3 chart, which tracks the total market cap of crypto excluding Bitcoin (BTC), Ethereum and stablecoins, Cowen shows that alts rallied in https://cdn.thebittimes.com/images/2024/08/29/c0ca925320dc3c7dc0254ef79fed95a1.webp9 but then plummeted that same year when the Federal Reserve enacted a looser monetary policy. The Fed is now expected to cut interest rates next month after years of hikes.

“[Altcoins] had a nice little rally, but they’re giving a lot of it back, which is exactly what happened in the last cycle. Altcoins rallied. They rallied a lot, and then they gave it all back in the halving year. They gave it all back in the pre-halving year and then going into the halving year. They gave it back right around the time as that looser monetary policy arrived. A lot of that, a lot of those gains are given back. And so you have to wonder is it just kind of doing the same thing. Alts are still struggling to break through here.”

Source: Benjamin Cowen/YouTube

Cowen notes that SOL hasn’t reached its all-time high (ATH) and warns it could suffer a sell-off similar to what happened to other alts in https://cdn.thebittimes.com/images/2024/08/29/c0ca925320dc3c7dc0254ef79fed95a1.webp9.

“I tip my hat to Solana’s outperformance against Bitcoin since 2023 began. I will remind people that there are actually other alts that went on to new all-time highs…[SOL] is still technically not a higher high… If it follows some of the altcoins last cycle that did very well in the QT (quantitative tightening) rally, then if it were to follow through the entire way then essentially what would happen is that there would be a selloff and then there would be another rally after QE (quantitative easing) returns.”

Source: Benjamin Cowen/YouTube

Solana is trading for $143 at time of writing, down more than 3% in the last 24 hours.

 

Comments

Post a Comment

Popular posts from this blog

Ethereum (ETH) price is aiming for $1,800 in February — Here is why

Image
ETH price is finding support at $1,560 and multiple data points are beginning to hint at a possible rally to $1,800 before the end of February. Ether (ETH) has been struggling with the $1,680 resistance since Jan. 20. Still, the ascending triangle pattern and improvements in investor sentiment in ETH derivatives provides hope that Ether price could reach $1,800 or higher by the end of February. This, of course, depends on how the Ether price behaves as it reaches the pattern deadline by mid-February.  Ether/USD price index, 12-hour. Source: TradingView From one side, traders are relieved that Ether is trading up 33% year-to-date, but the repeated failures to break the $1,680 resistance coupled with negative newsflow might give bears the power to cancel the bullish triangle pattern. According to a Jan. 30 report from Axios, New York State's Department of Financial Services is reportedly investigating Cryptocurrency Exchange Gemini over claims that the firm made regarding assets in...
Read more

Venezuela’s oil-backed cryptocurrency Petro to shut down

The Venezuelan government will reportedly shut down Petro (PTR), its state-issued, oil-backed crypto, which was subject to controversy and did not see mass adoption by citizens in the country.  According to reports, crypto wallets on the Patria website, the trading platform for Venezuela’s Petro, will cease operations on Monday, Jan. 15, with the remaining Petro converted to bolivar, the country’s fiat currency .  Petro’s demise comes nearly six years after its official launch in 2018. Venezuelan President Nicolás Maduro said at the time that the crypto will help to circumvent harsh sanctions by the US government and also help the country’s collapsing economy. You might also like: Venezuela authorities seize Bitcoin mining machines from notorious prison However, the state-issued crypto currency which was an ambitious project, failed to see widespread adoption among citizens, with the country’s legislators labeling the token as unconstit...
Read more

Top 3 Memecoins To Watch In June 2024

Image
Table of Contents PawFury (PAW): The Next Big Thing Cardano (ADA): The Smart Contract Innovator Ripple (XRP): The Payment Revolution Conclusion Meme coins are gaining traction, and June 2024 is set to be an exciting month. This article highlights the top three meme coins to watch: PawFury (PAW), Cardano (ADA), and Ripple (XRP). 1. PawFury (PAW): The Next Big Thing PawFury (PAW) is poised to be the next big thing in the meme coin world. With a presale that has already raised over $3 million and a growing Telegram community of over 30,000 members, PawFury is generating massive interest. Currently priced at $0.00844, analysts predict it could surge to $0.0200. This is your chance to get in early on a coin that’s set to explode. Don’t miss out on this golden opportunity – PawFury is the future of meme coins! 2. Cardano (ADA): The Smart Contract Innovator Cardano (ADA) is known for its unique approach to smart contracts and blockch...
Read more