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Title: Solana Show Upward Divergences — Is A Relief Bounce On The Horizon?
As the global markets continue to face unprecedented uncertainty and turmoil, it has become increasingly difficult for even the most resilient assets to maintain their value. In recent days, Solana has been no exception, plummeting by more than 60% in a matter of hours due to the escalating concerns over a potential long-term trade war between the United States and other major economies.
While many analysts have predicted catastrophic losses for riskier assets such as Solana, some market experts are now highlighting signs that may indicate a relief bounce is on the horizon. Bluntz, a well-known analyst, has taken to X to share his insights, stating that he has begun purchasing several altcoins, including SOL and HYPE, citing signals of possible price increases on multiple charts.
These upward divergences have sparked hopes for a potential market rebound, as many traders begin to question whether the current downturn is truly the “bottom” in the Solana and broader crypto market. According to Bluntz’s analysis, this could be an opportunity for savvy investors to buy in at discounted prices and profit from any subsequent bounce.
Solana currently trades at $108, having managed to recover slightly after a sharp drop over the weekend that saw its value plummet by more than 20% in just hours. While many have predicted further losses for the asset, it is essential to consider the possibility of a relief bounce in light of these divergences.
It remains to be seen whether Solana can hold onto its current level and reclaim the $120 mark, which was previously considered strong support but now serves as resistance. Should this occur, it could lead to even greater gains for traders who have already taken positions in anticipation of a rebound.
For investors seeking a potential buy-in point, Bluntz’s insights serve as a timely reminder that market downturns can sometimes offer incredible opportunities for those willing to take calculated risks.
Source: https://bitcoinik.com/solana-show-upward-divergences-is-a-relief-bounce-on-the-horizon/
