Investing.com – The crypto world is holding its breath: Expert concerns about the future of Solana (SOL) are causing a stir. Benjamin Cowen, founder of ITC Crypto, leaves no doubt about his forecast – Solana is likely headed for a dramatic plunge towards $85. While some are speaking of an imminent correction, others suspect unnecessary panic-mongering that could further destabilize Solana.
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Potential Major Correction for Solana
Cowen’s prediction is based on historical comparisons between Ethereum (ETH) and Bitcoin (BTC), as well as Solana (SOL) and Bitcoin (BTC). He points out that ETH/BTC once experienced an enormous plunge of 90% from its peak in 2018 before witnessing a spectacular recovery of 500% starting at the end of 2020.
Solana appears to be following this pattern, as SOL/BTC also suffered a similar 90% drop from its peak in 2021 and has been showing signs of recovery since mid-2023.
Lack of Consolidation Phase and Gloomy Outlook
Cowen warns that SOL/BTC has yet to go through the crucial consolidation phase – an indispensable precursor to such a recovery phase. Without this consolidation, Solana is expected to struggle for the rest of the year.
Other experts like Bluntz amplify this bleak perspective by predicting another decline of SOL to $85. It seems that this scenario can only be averted if Solana rises to at least $195 in the short term.
Robinhood Integration as SOL’s Lifeline?
While dark clouds loom over Solana, there are bright spots: Robinhood Markets Inc (NASDAQ:HOOD) has integrated Solana (SOL) into its wallet, enabling users to custody their SOL tokens and conduct blockchain transactions. This integration could bolster confidence in Solana and lead to increased market demand.
Interestingly, the SOL price experienced an immediate boost following this announcement, reflecting market optimism about potential future transactional activity.
Pressing Question: Can the Robinhood Integration Prevent Solana's Plunge?
The burning question now is: Can this Solana integration into the Robinhood wallet truly act as a lifeline and prevent the predicted price drop? Will the improved access and increased user acceptance be enough to restore confidence in Solana and stabilize its price sustainably?
The coming months will reveal whether these dual forces – the gloomy forecasts and positive market adjustments – will balance out or whether Solana will indeed fall to $85. One thing is certain: The eyes of the crypto community are on Solana, and the tension could hardly be higher.