A renowned crypto analyst, known as Credible, who is gaining popularity for his unconventional predictions, believes that Solana (SOL) is on the verge of a major collapse. Credible, who has a significant following of 395,200 supporters on the social media platform X, suggests that Solana is currently in a distribution phase. This refers to a period where wealthy investors systematically sell their assets without causing a market crash.
According to Credible, Solana may experience one final surge in price, potentially reaching the $230 mark, thanks to the strength of Bitcoin (BTC). However, he predicts that this will be followed by a significant downtrend. Credible believes that coins like SOL are currently trapped in larger distribution structures and are vulnerable to a substantial meltdown.
In a chart shared by the analyst, he indicates that SOL could potentially collapse below the $100 threshold. As of now, SOL is trading at $169.84. Turning his attention to Bitcoin, Credible suggests that BTC appears strong on shorter time frames and may witness a brief dip to around $67,800 before reclaiming resistance at $72,000.
Credible expresses optimism about long positions on BTC, stating that he wouldn’t be concerned if the price continues to rise. However, he believes that a scenario like the one he described makes logical sense at the moment. At the time of writing, Bitcoin is valued at $69,386.
Please note that the opinions expressed by Credible are not considered investment advice. Investors are advised to conduct thorough research before engaging in high-risk investments in Bitcoin, cryptocurrencies, or digital assets. It is important to understand that all transfers and trades carry inherent risks, and any losses incurred are the responsibility of the individual investor. The Daily Hodl, where this information was sourced, does not endorse or recommend the buying or selling of any cryptocurrencies or digital assets, nor do they serve as investment advisors.
