A renowned crypto analyst has raised concerns about Solana (SOL), predicting a potential collapse.
Distribution Phase
According to the analyst, known as Credible, Solana is currently in a “distribution phase.” This means that large investors are gradually selling their holdings without causing a market crash.
Potential Rally and Downtrend
Credible believes that SOL may experience a brief rally to around $230 before entering a sharp downtrend. He attributes this rally to the strength of Bitcoin (BTC).
Target: Below $100
Credible’s chart analysis suggests that SOL could plunge below $100. At the time of writing, SOL is trading at $169.84.
Bitcoin Outlook
Credible also commented on Bitcoin, stating that it appears strong on short-term charts. He predicts a potential dip to $67,800 before a recovery to $72,000.
