Benjamin Cowen, a popular cryptocurrency influencer with a following of over 780,000 people on the Google-owned video-sharing platform YouTube, has recently shared insights ihis insight into the trajectory of Solana ($SOL), saying it could make a significant turnaround in a way similar to what Cardano ($ADA) did during the previous bear market.
Drawing on past data, Cowen highlighted a pattern that Solana has hit a low, then a high, before revisiting that high again. The influencer sees similarities with Cardano’sprice behavior in 2019 and questioned whether Solana’s price could drop to $16.5, or even to an $11 low, before making a recovery.
He recalled that Cardano, after reaching its high, dropped significantly and then soared, suggesting that Solana and other altcoins could follow a similar path forward. Solana is at the time of writing trading at $24.8 after moving up 6.5% over the last 24-hour period.
As CryptoGlobe reported, CCData’s latest Digital Asset Management Review report has revealed that cryptocurrency investment products focusing on three major altcoins – Stellar ($XLM), $XRP, and Solana ($SOL ) – all saw major inflows last month.
XRP products saw a 33.2% increase, taking their assets under management (AUM) to $65.7 million, while SOL-based products climbed 55.7% to reach $87.8 million in AUM.
Solana also came in a prominent place in CCData’s ESG Benchmark report as it came in tied with Cardano ($ADA), both being behind the second-largest cryptocurrency by market capitalization Ethereum ($ETH).
The report notes Environmental, Social, and Governance (ESG) mandates are “increasingly prevalent amongst institutional investors and funds,” with global ESG-related assets under management forecasted to reach $33.9 trillion by 2026.
Featured image via Unsplash
