Benjamin Cowen, founder of ITC Crypto, has recently suggested that Solana (SOL) might follow a similar trajectory to Ethereum (ETH) in its trading pair with Bitcoin (BTC).

In an analysis shared on X, Cowen uses historical price patterns to argue that SOL/BTC could undergo a major correction before the end of the year. He believes this correction may be followed by a recovery in 2025, with another potential decline in 2026.

Cowen’s analysis stems from comparing the ETH/BTC and SOL/BTC trading charts. He shared a graph showing that ETH/BTC experienced a significant drop of approximately 90% from its 2018 peak.

However, an uptrend began in late 2020, leading to a robust rebound of over 500% by the end of the 2020/2021 cycle. Meanwhile, this dramatic recovery was eventually followed by a period of consolidation and another correction.

SOL/BTC Following ETH/BTC

Remarkably, SOL/BTC appears to be on a similar path in the current cycle. It has registered a massive drop of 90% from its 2021 peak, bottoming out in mid-2023.

Likewise, a rebound of over 500% has also followed ever since this bottom, as Cowen’s chart illustrates. The chart pattern strikingly mirrors ETH/BTC’s historical movements, with the dump and rebound exhibiting comparable magnitudes. The only missing part is the consolidation phase observed in ETH/BTC.

As a result, the market watcher suggests that Solana’s price relative to Bitcoin could see discouraging price action for the remainder of 2024 despite the popular optimism surrounding SOL’s prospects this season.

SOL’s bullish momentum already lost steam over the last five months when it hit $210. Despite the ongoing meme coin frenzy on the Solana blockchain, SOL’s price has been in a downtrend, revisiting $110 this month before a notable rebound to $161. At press time, SOL hovers around $146, down 6% in the last 24 hours.

Solana Potentially Crashing to $85?

Notably, Cowen’s observation aligns with those of other analysts who have projected a significant bearish phase for Solana amid widespread optimism.

Earlier this month, analyst Bluntz cited significant reasons supporting the likelihood of a further decline in SOL/BTC, which could put Solana’s dollar value at $85.

This negative projection has faced stern resistance, but Bluntz has maintained his outlook, noting that the “crisis” could only be averted if Solana reaches $195 again.

Interestingly, at the time of Bluntz’s analysis, SOL was trading at $171. Just four days later, the token tanked by 35% to $110.