Yes it can but squealing normally indicates the belt is worn out.
If bearings go bad they will "squeal"
Sounds like alternator is going bad even though it still may still hold a charge
Your alternator is bad.
A worn alternator belt, loose alternator belt or bad alternator belt tensioner.
Check the belt on your alternator. If it is not tight enough it will squeal on a Rodeo. Be sure to get it checked soon or your belt could fall off or burn up your alternator and then you are stuck!!
When your battery does not get charge.
Either your fan belts are going bad or your alternator is going out. If you take a bar of soap and press it against the belts while the car is running, the squealing should stop.
There are a few reasons why your alternator might keep going bad such as rusty latches under the car. You may also have leaks, dents, or parts that need to be replaced on the vehicle that are effecting your alternator.
Normally this is the bearings going bad.
The alternator belt on a 1993 Nissan 300ZX will typically squeal if it has excessive wear or it has become lose. This provides a good opportunity to replace the belt before it complete fails.
A loose belt. Most likely the alternator belt, if it doesn't squeal when you make a sharp turn.
There are several signs that an alternator is going bad. A few signs are dim lights, smell, warning lights, and a dead battery.