Solana
Crypto Strategist Issues Warning to Solana, Says SOL is Preparing for a Collapse – Here’s His Outlook
An analyst who continues to build a following with contrarian crypto calls believes that Solana (GROUND) is still one rally away from witnessing a total collapse.
Pseudonymous analyst Credible tells his 395,200 followers on social media platform collapse the market.
According to Credible, Solana could see a further rise to the $230 level thanks to Bitcoin (BTC) strength before starting a strong downtrend.
“With the strength I’m seeing in BTC right now and the structure of a lot of these alts, I think we might see some relief as BTC drags the entire market higher at first, but ultimately, I still believe that pieces like SOL are simply distributed on a larger scale structures at this time.
If we maintain the green zone below, then there is a chance that we will reach a new higher high before the real crisis. »
Source: Credible/X
Looking at the trader’s chart, he seems to predict that SOL could collapse below $100. At the time of writing, SOL is trading at $169.84.
As for Bitcoin, the trader believes that BTC looks strong on lower time frames and could see a quick decline to the $67,800 area before reclaiming resistance at $72,000.
“BTC cravings look great here. I would have no qualms about just continuing to pump from here, but I think something like this makes a lot of sense right now.
Source: Credible/X
At the time of writing, Bitcoin is worth $69,386.
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