Crypto analyst Benjamin Cowen is warning Solana (SOL) investors that the Ethereum rival could be about to repeat a 2019 market pattern that saw altcoins plummet in value.
Cowen, who has over 800,000 YouTube subscribers, points to a similar pattern in 2019 when altcoins rallied but then crashed after the Federal Reserve loosened its monetary policy. He believes that the Fed’s upcoming interest rate cuts could trigger a similar sell-off in the altcoin market, including Solana.
Cowen notes that Solana hasn’t yet reached its all-time high and warns that it could be vulnerable to a sell-off similar to what happened to other altcoins in 2019.
“Solana has done well against Bitcoin since the start of 2023, but it hasn’t reached its all-time high,” says Cowen. “If it follows the pattern of other altcoins that did well during the 2019 rally, we could see a selloff followed by another rally after the Fed starts easing monetary policy again.”
Solana is currently trading at $143, down more than 3% in the last 24 hours.
While Cowen’s analysis is based on historical trends, it’s important to remember that past performance is not indicative of future results.
Investors should always do their own research and consult with a financial advisor before making any investment decisions. /p>
