In a recent analysis, an unnamed cryptocurrency analyst known as Credible has made waves with his predictions for Solana (SOL). Credible suggests that SOL, a popular altcoin, may soon face a significant downturn after experiencing a period of growth. According to the analyst, SOL is currently entering what he terms as a distribution phase. This phase typically sees large investors gradually selling off their holdings to prevent market crashes.

Credible predicts that before the anticipated decline, SOL could undergo one final surge in value, potentially reaching up to $230. He explains that while Bitcoin (BTC) might initially boost overall market sentiment, altcoins like SOL are showing signs of being in a larger distribution pattern. The analyst's charts indicate that SOL needs to maintain levels above a specified support zone to potentially achieve a higher peak before the projected decline.

At the time of Credible's analysis, SOL was trading at approximately $169.84. However, the analyst's charts suggest that SOL's price could drop below $100 following the anticipated rally. These bold forecasts have raised concerns among investors, highlighting uncertainties in SOL's short-term outlook amidst current market dynamics.

Regarding Bitcoin, Credible observes strength in its lower time frames and predicts a possible brief dip to around $67,800 before potentially breaking resistance at $72,000. Despite potential challenges, the analyst remains optimistic about Bitcoin's immediate performance, suggesting that the leading cryptocurrency could continue rallying without a significant pullback.

Credible's insights underscore the interconnected nature of the cryptocurrency market, where movements in Bitcoin often have profound effects on altcoins such as Solana. His forecast of a final rally followed by a sharp downturn advises caution among investors, especially concerning SOL's short-term prospects. The analysis of a distribution phase suggests that major investors are preparing for potential market shifts, which could lead to significant changes ahead.

In conclusion, Credible's analysis paints a cautious picture for Solana's near future, predicting both a potential surge and subsequent decline amidst ongoing market dynamics influenced by Bitcoin's movements. Investors are advised to monitor these developments closely as they navigate the volatile cryptocurrency landscape.