The crypto world is abuzz with concern as Benjamin Cowen, founder of ITC Crypto, forecasts a dramatic plunge for Solana (SOL) towards $85. Drawing comparisons to historical data of Ethereum (ETH) and Bitcoin (BTC), Cowen warns that Solana may be on the cusp of a significant correction.
According to Cowen, Solana’s failure to undergo a consolidation phase could spell trouble for the cryptocurrency in the coming months. Without this crucial phase, Solana may struggle to recover and stabilize its price.
Adding to the pessimistic outlook, other experts predict a further decline of SOL to $85 unless the cryptocurrency can rally to at least $195 in the short term. However, there is a glimmer of hope on the horizon in the form of Robinhood Markets Inc’s integration of Solana into its wallet.
This integration could potentially boost confidence in Solana and drive up market demand for the cryptocurrency. The immediate price boost experienced by SOL following the announcement reflects market optimism about the potential impact of this integration.
As the crypto community watches and waits, the pressing question remains: Can the Robinhood integration act as a lifeline for Solana and prevent the predicted price drop? The coming months will reveal whether Solana can weather the storm of gloomy forecasts and emerge stronger on the other side.
Analysis:
In summary, the future of Solana (SOL) is uncertain as experts predict a major correction to $85. The lack of a consolidation phase and bleak outlook for the cryptocurrency raise concerns about its stability and potential for recovery. However, the integration of Solana into the Robinhood wallet offers a glimmer of hope for increased market demand and price stabilization. The coming months will be crucial in determining whether Solana can overcome the challenges ahead and regain the confidence of investors.