Main navigation

Alarming Solana Price Prediction Based on Cardano Price History Shared by Top Analyst

Wed, 08/23/2023 - 09:04
article image
Gamza Khanzadaev
SOL poised to echo ADA price action, warns top analyst Benjamin Cowen
Alarming Solana Price Prediction Based on Cardano Price History Shared by Top Analyst
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Renowned analyst within crypto circles Benjamin Cowen has drawn intriguing parallels between the recent price movements of Solana (SOL) and the historical trajectory of Cardano (ADA). This revelation comes in handy as the crypto community is abuzz with speculation about the potential implications for SOL's future.

Solana, Death Cross, Again: What Future Does SOL Hold?

Cowen's astute observations point to a striking resemblance between the current SOL price action and ADA's price behavior during the previous cycle. Notably, SOL has faced a hurdle at the $28 mark, akin to Cardano's struggle with the $0.11 zone in the latter half of 2019. Based on this pattern, Cowen's assessment suggests that Solana might experience a dip, potentially descending below the $10 mark in the near term.

Comparing historical outcomes, ADA's price eventually rebounded following its dip, surging by an impressive 11.295%. This rebound led Cardano to reach an all-time high of $3.1 per token, indicating the potential for substantial gains after a period of consolidation.

Is history actually repeating itself?

However, it is important to emphasize that while historical parallels can offer valuable insights, they do not guarantee identical outcomes. SOL's journey could deviate from ADA's path. Market dynamics, technological developments and external influences are among the myriad factors that could sway Solana's trajectory in unexpected ways.

Solana (SOL) Will Not See New Low in 2023, Believes Analyst: But Will It Really?

It is crucial to note that such insights do not serve as a definitive prediction but rather a plausible scenario based on historical patterns. The correlation he presents underscores the potential for SOL to undergo a price evolution akin to ADA, albeit not necessarily in its entirety.

article image
About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.