A crypto analyst, known as Credible, who has gained a significant following for his unconventional predictions, suggests that Solana (SOL) is on the verge of a major collapse. Credible, who shares his views with his 395,200 followers on X, believes that SOL is currently in a distribution phase. This phase occurs when wealthy investors systematically sell their holdings in order to secure profits, without causing a market crash.

Credible predicts that SOL might experience one more surge in price, potentially reaching $230, due to the strength of Bitcoin (BTC). However, he ultimately anticipates a strong downtrend for SOL. He states, “With the current strength of BTC and the structural patterns observed in many altcoins, I believe we may witness some relief as BTC initially lifts the entire market. However, I still maintain the belief that coins like SOL are caught in larger distribution structures at this time. If we manage to hold the green zone below, there is a possibility of another higher high before the real meltdown occurs.”

Based on Credible’s chart analysis, he predicts that SOL could potentially fall below $100. As of now, SOL is trading at $169.84.

Regarding Bitcoin, Credible suggests that it appears strong on lower time frames and may experience a brief dip to around $67,800 before reclaiming resistance at $72,000.

At the time of writing, Bitcoin is valued at $69,386.

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Disclaimer: The opinions expressed in this article are not financial advice and should not be taken as such. Investors are advised to conduct their own research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be aware that any transfers and trades you engage in are done at your own risk, and you are solely responsible for any losses you may incur. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor do we provide investment advice. Please note that The Daily Hodl participates in affiliate marketing.

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