A widely followed crypto analyst claims that holders of smart contract platform Solana (SOL) could suffer the same pain that Ethereum (ETH) traders have felt in previous cycles.
In a new interview on YouTube channel Crypto Banter, popular crypto trader Benjamin Cowen claims that Solana, along with 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 from Solana…
So far it follows the same pattern – look at ETH/BTC. It was a 90% drop followed by a 500% rally (and) right and after that 500% rally, ETH/BTC suffered this drop and that drop basically resulted in lower lows higher.
The lows were higher (and) everyone was calling for a turnaround. It suffered (another) decline, then there was one more rally before the merger, and then (it went down slowly until now). Think about this chart: 90% down, 500% up, higher lows, false ones, one last rally.
And then look at SOL/BTC, it’s the same thing, it’s identical.
Cowen goes on to note that traders should not panic if Solana sees a significant decline, as there is a chance it will recover, just like ETH/BTC did. However, he notes that the SOL/BTC pair could also enter a long downtrend after its recovery.
“If it breaks down, that doesn’t mean it’s over. You might 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 reappear in 2025 – exactly what ETH/BTC did – and then start disappearing in 2026, so there’s a chance something like that could happen.
SOL/BTC is trading at $0.0021 BTC ($216) while ETH/BTC is valued at $0.038 ($3,921).
Don’t miss a thing – Subscribe to receive email alerts straight to your inbox
Check Price Action
Follow us on XFacebook and Telegram
Surf the daily Hodl mix
 
Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Shacil/WhiteBarbie
