Rally

Solana

Bitcoin

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-solanas-potential-rally-and-subsequent-decline/" data-wpel-link="internal">Analyst Predicts Solana’s Potential Rally and Subsequent Decline</a> 
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 <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> gradually selling their assets to avoid crashing the market. 
<h2 style="text-align: justify" id="strong-expectation-of-one-last-potential-rally-before-the-decline-strong">Expectation of One Last Potential Rally Before the Decline</h2> 
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. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-356699" src="https://coin-turk.com/wp-content/uploads/2024/05/Altcoin-Solana-SOL-3-scaled.jpeg" alt="" width="2560" height="1476"> 
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. 
<h2 style="text-align: justify" id="strong-bitcoin-s-role-and-strength-in-the-market-strong">Bitcoin’s Role and Strength in the Market</h2> 
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 <a href="https://en.coin-turk.com/set-the-alarms-5-critical-developments-today-can-make-you-profit-in-crypto/" data-wpel-link="internal">cryptocurrency market</a>, 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. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/analyst-predicts-solanas-potential-rally-and-subsequent-decline/" data-wpel-link="internal">Analyst Predicts Solana’s Potential Rally and Subsequent Decline</a></h5>

Analyst Predicts Solana’s Potential Rally and Subsequent Decline

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