Solana

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 An analyst who continues to build a following with contrarian crypto calls believes that Solana (SOL) is one more rally away from witnessing a total meltdown.
 Pseudonymous analyst Credible tells his 395,200 followers on the social media platform X that he thinks Solana is in a distribution phase or a period when deep-pocketed investors in profit are methodically selling their holdings without crashing the market.
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 According to Credible, Solana may see one more surge to the $230 level on the back of Bitcoin’s (BTC) strength before starting a strong downtrend.
 “With the strength I am seeing on BTC at the moment and the structure of a lot of these alts, I think we may see some relief as BTC drags the whole market up initially but ultimately I still believe coins like SOL are just in larger distribution structures at this time.
 If we hold the green zone below, then there’s a chance we make another higher high before the real meltdown.”&nbsp;
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GOhfBZUXMAARukr?format=jpg&amp;name=4096x4096" alt="Image" width="4096" height="2361">
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 Source: Credible/X
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 Looking at the trader’s chart, he seems to predict that SOL could collapse below $100. At time of writing, SOL is trading at $169.84.
 As for Bitcoin, the trader thinks that BTC looks strong on the lower time frames and may see a quick dip down to the $67,800 area before reclaiming resistance at $72,000.
 “Longs on BTC looking great here. I would have no qualms if we simply continued pumping from here, but I think something like this makes a lot of sense right now.”&nbsp;
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/GOmcrDlWgAAn7ic?format=jpg&amp;name=4096x4096" alt="Image" width="2818" height="1464">
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 Source: Credible/X
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 At time of writing, Bitcoin is worth $69,386.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-strategist-issues-solana-warning-says-sol-gearing-up-for-a-meltdown-here-s-his-outlook-tbt90101.html">https://thebittimes.com/crypto-strategist-issues-solana-warning-says-sol-gearing-up-for-a-meltdown-here-s-his-outlook-tbt90101.html</a>

Crypto Strategist Issues Solana Warning, Says SOL Gearing Up for a Meltdown – Here’s His Outlook

TheBitTimes

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