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A popular crypto analyst and trader says that one Ethereum (ETH) rival is facing a decisive moment.
Pseudonymous crypto strategist Credible Crypto tells his 396,500 followers on the social media platform X that if Solana (SOL) fails to hold $140 as support it could plummet.
“SOL: this is the last thing stopping us from a meltdown to the range lows at $115. Because this is the most likely region to see some relief. I’m fully out of shorts here and waiting to see what kind of reaction we get. The good news is that both SOL and DOGE have hit their respective ‘make it or break it’ levels at the same time that BTC has hit our range lows. The confluence is nice to see and if BTC reverses here DOGE and SOL will too (at least temporarily). This is my preferred (most logical) scenario at the moment.”
Looking at his chart, the analyst suggests SOL could remain in an uptrend and hit $230 before turning bearish.
Solana is trading for $155 at time of writing, up 5% in the last 24 hours.
Next up, the analyst says that Bitcoin’s (BTC) current bullish trend may come to an end if it fails to hold $60,000 as support.
“We did not end up front running our range lows and my original downside target on BTC has now been hit. Bids remain at $62,000-$65,000. Asks have showed up above price at $67,000-$68,000. At this stage BTC and most alts I’ve been watching have all hit the downside targets I was looking for…
BTC has some room to work with as only below $60,000 do things look concerning.”
The analyst suggests Bitcoin could bounce after tapping lower levels and soar to about $77,000.
“Red squiggle: manifested. Green squiggle: yet to manifest. Let’s see if we can complete the manifestation loop.”
Bitcoin is trading for $68,457 at time of writing, up nearly 2% in the last 24 hours.
Lastly, the analyst says that Dogecoin (DOGE) needs to hold $0.13 as support to get a bounce to about $0.19.
“If you want a chance to get out of your DOGE longs after buying the top because CT (crypto Twitter) said we are going to $1 tomorrow, you better hope we hold this region here. This is the zone I marked off three days ago as the potential bounce zone for some relief and we have just arrived.”
DOGE is trading for $0.14 at time of writing, up 5.4% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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