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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