An analyst who continues to build a following with contrarian crypto calls believes that Solana (SOL) is one more rally away from witnessing a total meltdown.
Pseudonymous analyst Credible tells his 395,200 followers on the social media platform X that he thinks Solana is in a distribution phase or a period when deep-pocketed investors in profit are methodically selling their holdings without crashing the market.
According to Credible, Solana may see one more surge to the $230 level on the back of Bitcoin’s (BTC) strength before starting a strong downtrend.
“With the strength I am seeing on BTC at the moment and the structure of a lot of these alts, I think we may see some relief as BTC drags the whole market up initially but ultimately I still believe coins like SOL are just in larger distribution structures at this time.
If we hold the green zone below, then there’s a chance we make another higher high before the real meltdown.”
Looking at the trader’s chart, he seems to predict that SOL could collapse below $100. At time of writing, SOL is trading at $169.84.
As for Bitcoin, the trader thinks that BTC looks strong on the lower time frames and may see a quick dip down to the $67,800 area before reclaiming resistance at $72,000.
“Longs on BTC looking great here. I would have no qualms if we simply continued pumping from here, but I think something like this makes a lot of sense right now.”
At time of writing, Bitcoin is worth $69,386.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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