2
A widely followed crypto strategist warns that a Solana ($SOL) competitor that’s up more than 3x in the last 30 days is flashing signals that it may have printed a short-term top.
The pseudonymous analyst known as Altcoin Sherpa tells his 205,700 followers on the social media platform X that while layer-1 blockchain Sei ($SEI) is still in an uptrend, it starting to show signs of bullish exhaustion.
“Why it looks good:
-consolidation and highly bullish high time frame market structure
-still bullish on all time frames
-EMAs (exponential moving averages) all catching up + other alts looking strong
Why it doesn’t:
-could be an exhaustion pump here and last big move up
-could be rotation from others ($SOL/$SEI/etc/) to $ETH season also known as ARB/$LDO/OP
-dying volume/some signs of distribution here.”
At time of writing, $SEI is trading for $0.785, up over 247% from its 30-day low of $0.226.
The trader is also keeping an eye on the price action of Lido DAO ($LDO), a liquid staking service for the Ethereum ($ETH) blockchain. Altcoin Sherpa says that while he’s still bullish on $LDO, he expects it to correct to either the 0.382 or 0.5 Fibonacci retracement level.
“$LDO: checking this one, I think a solid entry is coming up around $2.75-$3. Still bullish on this one overall.”
At time of writing, $LDO is worth $3.45.
The last altcoin on the trader’s radar is X is the gaming-focused crypto project Xai (XAI). Altcoin Sherpa thinks that XAI will likely revisit its immediate support level before moving higher.
“XAI: something like $0.90 would probably be a solid entry.”
u.today
coingape.com
1
cryptonewsz.com