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Experienced crypto analyst and strategist Benjamin Cowen has warned that Solana (SOL), which is considered as Ethereum’s (ETH) competitor and a favorite altcoin among Turkish crypto investors, could experience a similar drop as Cardano (ADA) did in the previous cycle. The analyst also evaluated the latest outlook for Bitcoin (BTC) and Litecoin (LTC).
Solana Could Experience a Similar Drop to Cardano, According to the Analyst
Cowen highlighted on his personal account on the social media platform X that Solana is at risk of losing key support levels, which could cause it to drop to $10, more than 50% from the current prices, just like ADA did in the previous cycle. He said, “SOL has a high chance of sweeping the lows, just like ADA did.”
According to the price chart shared by the analyst, Cardano experienced a sharp decline from around $0.10 to $0.028 between May 2019 and May 2020. Cowen expects a similar loss of value in SOL.
A Worrisome Scenario for Bitcoin
Cowen believes that the largest cryptocurrency, Bitcoin, could form a double bottom pattern and return to the range of $13,000 to $14,000 before starting an upward move before the Federal Reserve ends its interest rate hike cycle in early 2024. The analyst explained his expectation by saying, “I believe this is a scenario that should be considered for Bitcoin. This potential scenario indicates the formation of a lower bottom. Of course, there could also be a scenario for a double bottom (2015) or a rising bottom (2018-2020), but I believe at least the highest level of 2019 ($13,000 to $14,000) will be reached.”
Another possibility mentioned by Cowen is that BTC could drop to the range of $16,000 to $17,000 before an upward move at the beginning of the year and reach $24,000 around April. He said:
It seems like the double bottom has scared some people. […] I think people should be prepared for various outcomes, that’s why I shared the first chart. I assure you I have no idea about the real path.
Cowen, who warned about Solana and Bitcoin, also does not expect Litecoin, the peer-to-peer payment network, to rise until after Bitcoin’s planned halving in April 2024. He also stated that even when Litecoin makes an upward move, it will underperform compared to Bitcoin. He said, “Remember, LTC reaches its peak before its halving, sells off during the halving, and remains weak until a few months after BTC’s halving. Even then, it will underperform compared to BTC.”
