A popular crypto analyst, known as “Master Trader” on Bybit, is sounding the alarm on Solana (SOL). They claim SOL is showing a major bearish signal, similar to one seen right before a massive price drop in 2021.
Bearish Divergence Spotted
The analyst, who goes by Bluntz on X (formerly Twitter), points to a bearish divergence on Solana’s two-week chart. This means the price is either flat or rising, but underlying momentum is weakening – a classic warning sign for traders. Bluntz warns that this divergence could signal a significant price drop.
History Repeating Itself?
Bluntz highlights that this same bearish divergence appeared on Solana’s chart in late 2021, just before SOL plummeted from around $260 to a low of $8. They believe history might be repeating itself. Bluntz states that losing the $220 support level would be devastating for SOL, potentially confirming a larger downward trend. They essentially declared, “It’s over” for Solana’s current upward trajectory.
Current Price and Outlook
At the time of writing, SOL is trading at $196.71, down over 7% in the last 24 hours. The analyst’s prediction is certainly causing concern in the Solana community. It’s important to remember that this is just one analyst’s opinion, and the cryptocurrency market is notoriously volatile.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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