This same RSI bearish divergence was observed in LUNA before its infamous market crash, which triggered a decline to a zero level. According to the TradingView analyst, if Solana fails to hold key support levels and breaks below them, it could trigger a widespread liquidity crisis that would send its price plummeting to $22, a significant historical support level last seen in 2022. Adding to the already concerning price outlook, major institutional investors appear to have already sold their holdings and taken profits at price highs.
A crypto analyst who identified this bearish trend in the Solana price action has projected a drastic crash to new lows at $22. Solana Price Action Mirrors LUNA’s Catastrophic Collapse A pseudonymous crypto analyst on TradingView named PizzaDriver has released a recent technical analysis of the Solana price action.
Related Reading: Solana Price Will Complete 1,800% Surge To $4,000 With This Formation: Analyst The analyst drew parallels between Solana’s current chart structure and the LUNA meltdown of 2022.
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