A widely followed crypto analyst says holders of the smart contract platform Solana (SOL) may experience the same pain as Ethereum (ETH) traders during previous cycles.
In a new interview on the Crypto Banter YouTube channel, popular crypto trader Benjamin Cowen say that Solana linked to Bitcoin (SOL/BTC) is printing the same patterns as ETH/BTC years ago before it stagnated.
“Many of these altcoins follow this pattern, and I want to show you this really interesting pattern from Solana…
So far it follows the same pattern – look at ETH/BTC. This was a 90% drop, followed by a 500% rally [and] right and after that 500% rally, ETH/BTC took this drop and this drop essentially created higher lows.
It set higher lows [and] everyone was calling for it to turn around. It became [another] drop and then it had another rally in the merger 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, it’s identical.”
Cowen further notes that traders should not panic if Solana sees a big dip as there is a chance it will rebound just like ETH/BTC did. However, he notes that the SOL/BTC pair may enter a long-term downtrend even after the recovery.
“If it breaks, it doesn’t mean it’s over. You could have a scenario where it repeats what ETH/BTC did when it broke [and] people might think this is the end.
But it could very well emerge again in 2025 – exactly what ETH/BTC did – and then start to fade in 2026, so there is a chance of something like that happening.”
SOL/BTC is trading at $0.0021 BTC ($216), while ETH/BTC is valued at $0.038 ($3,921).
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