A widely followed crypto analyst thinks a Solana (SOL) challenger is gearing up for more rounds of upside bursts.
Pseudonymous analyst Altcoin Sherpa tells his 232,200 followers on social media platform X that Sei (SEI) appears bullish after breaking a rounded bottom pattern on the weekly chart.
A rounded bottom formation is a bullish reversal structure that indicates an asset is ready to witness a new uptrend.
Says Altcoin Sherpa,
“On a fundamental level, I think it needs to be built a bit more for people to bet on it, but overall it looks really good for the next level. Grab a bag a little lower when it comes. Something like €0.60 would be a decent entry in my opinion.”
At the time of writing, SEI is worth $0.66.
Another altcoin on the trader’s radar is the smart contract platform Fantom (FTM). According to crypto strategist FTM looks solid for long-term investors given its strong fundamentals. He also says the coin looks bullish after breaking a multi-month accumulation period.
“FTM: There’s a lot to like about this graph and this project IMO (in my opinion):
-André [Cronje] cracked developer
-high float/not so much selling pressure from VCs (venture capitalists)
-Sonic rebranding is coming that touches all stories
-chart-wise, an accumulation period of almost two years, followed by some big moves and clean levels.
I’m in.
To be honest, I don’t really recommend buying at this current level, but I think buying dips is a good thing. Still believe this is a pretty good choice to hold if you’re looking for older 2021 movers with high float/offer (others like AVAX could be considered).”
Based on the trader’s chart, he seems to suggest that FTM is facing a major resistance level at $1.10.
At the time of writing, FTM is trading at $1.00.
Looking at fellow Layer-1 (L1) protocol Near (NEAR), the trader shares a chart that suggests the altcoin could target its resistance at $8.29 after rising above $6.50.
“NEAR has quite slow price action and is not really a great active trade at the moment. That said, I think this touches on a lot of stories for this cycle in terms of AI (artificial intelligence) and L1. I’d like to see more growth there/more epee stuff, but I do have a bag of this.
NEAR is trading at $6.97 at the time of writing.
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Featured image: Shutterstock/Alberto Andrei Rosu/Plasteed