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Known for his controversial views, the anonymous cryptocurrency analyst Credible believes that the popular altcoin Solana (SOL) is on the brink of a significant decline after a rally. Sharing his views with his followers on X, the analyst suggested that Solana is currently in a distribution phase. This phase is characterized by deep-pocketed investors gradually selling their assets to avoid crashing the market.
Expectation of One Last Potential Rally Before the Decline
Credible predicts that with Bitcoin’s (BTC) current strength, Solana’s SOL could experience one last rally and potentially reach the $230 level. He argues that while Bitcoin might initially lift the entire market, SOL and similar altcoins are only in a larger distribution structure. If SOL can stay above the green support zone in the price chart shared by Credible, it has a chance to form a higher peak before the expected decline.
During the analyst’s analysis, SOL was trading at $169.84. Furthermore, Credible’s chart indicates that the altcoin could fall below $100 after the predicted rally. This sharp prediction has caused concerns among investors regarding SOL’s short-term prospects amid current market dynamics.
Bitcoin’s Role and Strength in the Market
Regarding Bitcoin, Credible noted that BTC looks strong in lower time frames and expects a possible quick drop to around $67,800 before breaking back above the resistance at $72,000. Maintaining an optimistic outlook on Bitcoin’s immediate performance, the analyst also highlighted that the largest cryptocurrency could continue its rally without a significant pullback.
Credible’s views emphasize the interconnected nature of the cryptocurrency market, where Bitcoin’s movements significantly impact altcoins like Solana. The forecast of one last rally followed by a sharp decline suggests that investors should be cautious about Solana’s short-term prospects.
The distribution phase analysis particularly implies that large investors are already positioning themselves for a downturn, which could lead to significant market changes.
