A crypto analyst who has gained popularity for his unconventional predictions believes that Solana (SOL) is on the verge of experiencing a significant collapse.

The analyst, known as Credible, shares his thoughts with his 395,200 followers on the social media platform X, stating that Solana is currently going through a distribution phase. This phase refers to a period when wealthy investors systematically sell their holdings to secure profits without causing a market crash.

According to Credible, there is a possibility that Solana may experience one last surge, potentially reaching the $230 mark due to the strength of Bitcoin. However, he anticipates a subsequent strong downtrend.

“While Bitcoin’s current strength and the structure of many altcoins may provide temporary relief and boost the entire market, I still believe that coins like SOL are currently undergoing larger distribution structures. If we manage to hold the green zone below, there may be a chance of reaching a higher high before the imminent collapse.”

Analyzing the trader’s chart, it appears that Credible predicts that SOL could drop below $100. At the time of writing, SOL is being traded at $169.84.

Regarding Bitcoin, the trader suggests that BTC appears strong on lower time frames and might experience a brief dip to around $67,800 before reclaiming resistance at $72,000.

“The long positions on BTC are looking favorable at the moment. While I wouldn’t mind if we continued to see an upward trend, I believe that a scenario like this aligns with the current market conditions.”

Bitcoin is currently valued at $69,386.

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