An influential crypto analyst and trader is pointing out a critical moment for a competitor of Ethereum (ETH).

Using the pseudonym Credible Crypto, the strategist with a following of 396,500 on X suggests that Solana (SOL) is at a make-or-break point. If Solana fails to maintain support at $140, it could experience a significant drop.

According to the analyst, Solana is teetering on the edge of a potential meltdown towards $115 unless it can hold above $140. The current situation is crucial, as both Solana and Dogecoin (DOGE) have reached decisive levels, coinciding with Bitcoin (BTC) reaching its range lows. The analyst is optimistic that if Bitcoin reverses its trend, Solana and Dogecoin could follow suit, at least temporarily.

Looking at the charts, the analyst suggests that Solana could maintain its upward trajectory and potentially reach $230 before turning bearish. Solana is currently trading at $155, showing a 5% increase in the last 24 hours.

Shifting focus to Bitcoin, the analyst warns that the leading cryptocurrency’s bullish trend could be at risk if it fails to hold above $60,000. Despite hitting the downside targets, the analyst remains cautiously optimistic, with bids set between $62,000-$65,000 and resistance levels at $67,000-$68,000.

The analyst predicts that Bitcoin could bounce back after reaching lower levels and potentially surge to around $77,000. Bitcoin is currently trading at $68,457, showing a nearly 2% increase in the last 24 hours.

Lastly, the analyst emphasizes the importance of Dogecoin (DOGE) maintaining support at $0.13 to potentially see a rebound to $0.19. Those who bought Dogecoin at its peak are advised to watch for support levels closely to avoid further losses. Dogecoin is currently trading at $0.14, showing a 5.4% increase in the last 24 hours.

In conclusion, the analyst stresses the need for caution and diligence in the volatile crypto market. Investors are advised to conduct thorough research before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Remember that all transfers and trades are at your own risk. The Daily Hodl does not provide investment advice and participates in affiliate marketing.