The analyst who is closely watched by the media, also known as “Master Trader” Bybit, the cryptocurrency exchange warns Solana.SOL() printed a similar market reversal as that seen during the cycle of 2021.
Pseudonymous Bluntz informs his 314,900 social media followers that Solana has a divergence in the bearish direction on the chart for the past two weeks.
The traders keep an eye on divergences that are bearish, particularly on the longer time frames. This indicates that an asset has lost momentum while its price may be rising or moving sideways.
Says Bluntz,
In my view, losing $220 to SOL is a very bad thing.
It invalidates the ABC and the previous highs. This makes the ABC look more impulsive. In 24 hours it looks as if there is a bearish divergence of two weeks.
“It’s done in my view.”
Bluntz’s latest SOL study notes that Solana displayed the same divergence on the chart of the last two weeks in 2021. That was right before SOL crashed from its high of around $260, to a low of only $8.
“It printed.
The last time we saw one was, drum roll….. 2021.”
SOL was trading at $196.71 as of the time this article is written, down 7% over the past 24 hours.
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Source: dailyhodl.com
