The general crypto market has seen a decline in the last week, with most assets recording significant losses. Solana (SOL), one of the most prominent cryptocurrencies, is down by 11.50% in the last seven days and 16.17% in the last month.<\/p>\n
Interestingly, popular crypto analyst, Benjamin Cowen has posted a puzzling prediction on Solana, drawing much similarity between the token\u2019s current price movement and historical price data of fellow altcoin Cardano (ADA)<\/a>.\u00a0<\/p>\n According to an X post<\/a> on August 23, Benjamin Cowem believes Solana\u2019s price movement might be mirroring Cardano\u2019s price trajectory in the last crypto cycle.\u00a0<\/p>\n Related Reading: Solana Cuts Saga Price By 40%, But Case For New SOL Yearly High Increases<\/a><\/p>\n Based on the weekly charts of both assets, Solana presents a ranging market quite identical to Cardano\u2019s price movement for most of 2019.\u00a0 In fact, in both charts, these ranging markets are preceded by a bearish trend.\u00a0<\/p>\n Good chance $SOL<\/a> sweeps the lows, just like $ADA<\/a> did last cycle. pic.twitter.com\/KHJEPdV6qU<\/a><\/p>\n \u2014 Benjamin Cowen (@intocryptoverse) August 23, 2023<\/a><\/p>\n Analyzing this data, Cowen notes that SOL has recently encountered resistance at the $26 price zone, which is similar to Cardano\u2019s trouble in crossing the $0.11 hurdle in mid-2019.\u00a0<\/p>\n The analyst predicts that if Solana is indeed mimicking Cardano\u2019s price action, it will likely experience a downward trend for the rest of 2023.\u00a0<\/p>\n According to Cowen\u2019s predictions, SOL<\/a> could fall as low as $10 in 2023, just as Cardano plummeted to $0.028 in early 2020. If these projections hold true, the SOL market could lose over 50% of its value in the coming months.\u00a0<\/p>\n However, it is worth stating that Cowen\u2019s price analysis does not spell all gloom for SOL investors. Upon falling to the $0.028 price zone in 2020, Cardano embarked on a bullish run, gaining by over 7,600% in the next two years. If Solana follows the same price pattern, the altcoin could trade as high as $1,500 in 2025. <\/p>\n Investors should remember that predictions are not guaranteed and, thus, should be considered as investment advice.<\/p>\n In other news, the Solana network has recorded a 4.5% decline in its Total Value Locked (TVL) over the seven days based on data from DefiiLlama.\u00a0<\/p>\n According to the DeFi analytics site,\u00a0 the majority of the DeFi ecosystem appears to be under siege, with total DeFi TVL having dipped below $40 billion and is currently valued at $37.56 billion.\u00a0<\/p>\n Related Reading: Cardano Holder Resilience Tested As ADA Fends Off Bearish Onslaught<\/a><\/p>\n Aside from Solana, other prominent networks such as Ethereum<\/a>, Cardano<\/a>, and Polygon have also seen their TVL plummet by 11.08%, 6.54%, and 8.89%,\u00a0 respectively.\u00a0<\/p>\n At the time of writing, SOL is currently exchanging hands at $20.59, with a 2.16% loss on the last day. However, with a total market cap of 8.39 billion, Solana remains the ninth-largest cryptocurrency in the market.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The general crypto market has seen a decline in the last week, with most assets recording significant losses. Solana (SOL), one of the most prominent cryptocurrencies, is down by 11.50% in the last seven days and 16.17% in the last month.<\/p>\n Interestingly, popular crypto analyst, Benjamin Cowen has posted a puzzling prediction on Solana, drawing much similarity between the token\u2019s current price movement and historical price data of fellow altcoin Cardano (ADA)<\/a>.\u00a0<\/p>\n According to an X post<\/a> on August 23, Benjamin Cowem believes Solana\u2019s price movement might be mirroring Cardano\u2019s price trajectory in the last crypto cycle.\u00a0<\/p>\n Related Reading: Solana Cuts Saga Price By 40%, But Case For New SOL Yearly High Increases<\/a><\/p>\n Based on the weekly charts of both assets, Solana presents a ranging market quite identical to Cardano\u2019s price movement for most of 2019.\u00a0 In fact, in both charts, these ranging markets are preceded by a bearish trend.\u00a0<\/p>\n Good chance $SOL<\/a> sweeps the lows, just like $ADA<\/a> did last cycle. pic.twitter.com\/KHJEPdV6qU<\/a><\/p>\n \u2014 Benjamin Cowen (@intocryptoverse) August 23, 2023<\/a><\/p>\n Analyzing this data, Cowen notes that SOL has recently encountered resistance at the $26 price zone, which is similar to Cardano\u2019s trouble in crossing the $0.11 hurdle in mid-2019.\u00a0<\/p>\n The analyst predicts that if Solana is indeed mimicking Cardano\u2019s price action, it will likely experience a downward trend for the rest of 2023.\u00a0<\/p>\n According to Cowen\u2019s predictions, SOL<\/a> could fall as low as $10 in 2023, just as Cardano plummeted to $0.028 in early 2020. If these projections hold true, the SOL market could lose over 50% of its value in the coming months.\u00a0<\/p>\n However, it is worth stating that Cowen\u2019s price analysis does not spell all gloom for SOL investors. Upon falling to the $0.028 price zone in 2020, Cardano embarked on a bullish run, gaining by over 7,600% in the next two years. If Solana follows the same price pattern, the altcoin could trade as high as $1,500 in 2025. <\/p>\n Investors should remember that predictions are not guaranteed and, thus, should be considered as investment advice.<\/p>\n In other news, the Solana network has recorded a 4.5% decline in its Total Value Locked (TVL) over the seven days based on data from DefiiLlama.\u00a0<\/p>\n According to the DeFi analytics site,\u00a0 the majority of the DeFi ecosystem appears to be under siege, with total DeFi TVL having dipped below $40 billion and is currently valued at $37.56 billion.\u00a0<\/p>\n Related Reading: Cardano Holder Resilience Tested As ADA Fends Off Bearish Onslaught<\/a><\/p>\n Aside from Solana, other prominent networks such as Ethereum<\/a>, Cardano<\/a>, and Polygon have also seen their TVL plummet by 11.08%, 6.54%, and 8.89%,\u00a0 respectively.\u00a0<\/p>\n At the time of writing, SOL is currently exchanging hands at $20.59, with a 2.16% loss on the last day. However, with a total market cap of 8.39 billion, Solana remains the ninth-largest cryptocurrency in the market.<\/p>\n <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28622","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28622"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28622\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28622"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}SOL To Close 2023 With Losses?<\/h2>\n
Solana, Among Others, Faces TVL Decline<\/h2>\n
SOL To Close 2023 With Losses?<\/h2>\n
Solana, Among Others, Faces TVL Decline<\/h2>\n