Amidst the tumultuous sea of cryptocurrency, the Solana price finds itself on the precipice of a potential meltdown, reminiscent of the infamous Terra (LUNA) collapse of 2022. A crypto analyst, known only by the pseudonym PizzaDriver, has identified a bearish trend in Solana’s price action, projecting a drastic crash to new lows at $22. One might say, Solana is about to meet its Waterloo, or perhaps its LUNA. 🌕
A recent technical analysis by PizzaDriver on TradingView suggests that Solana, the sixth-largest cryptocurrency by market capitalization, could soon experience a significant decline. The analyst drew a parallel between Solana’s current chart structure and the catastrophic LUNA meltdown of 2022. The weekly chart reveals a Double Top pattern, a classic bearish reversal signal that looks like the letter “M” and signifies deteriorating momentum. 📉
Adding to the ominous signs, Solana’s Relative Strength Index (RSI) has shown a bearish divergence. This means that while the price attempted to reach new highs, it was unable to do so due to underlying weakness. This same RSI bearish divergence was observed in LUNA before its infamous market crash, which sent it plummeting to zero. 🚀💥
According to PizzaDriver, if Solana fails to hold key support levels and breaks below them, it could trigger a widespread liquidity crisis, sending its price plummeting to $22, a significant historical support level last seen in 2022. Major institutional investors, it seems, have already taken their profits and reallocated funds into safer havens like Ethereum (ETH) and Binance Coin (BNB), which have been seeing steady growth in on-chain activities. This redistribution only increases the risk of a rapid sell-off, further weakening Solana’s fundamentals. 🏦💰
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2025-02-20 03:41