A top analyst believes that a Solana (SOL) challenger trading under the radar is in the early stages of an uptrend.
Pseudonymous analyst The Flow Horse tells his 188,000 followers on social media platform
“This SUI trend seems to have only just begun.
Anything that has come out and completed in the last six months while key volume levels have resumed is on my list of things to be aggressive about.
At the time of writing, SUI is trading at $0.65, down almost 3% in the last 24 hours.
Next up is smart contract platform Solana itself, which the trader says is looking bullish after market participants showed up to accumulate the dip as it fell to a weekly low of $52.21.
“So SOL is definitely going higher.
This is a very bullish correction and the spot market is just buying everything.”
At the time of writing, SOL is worth $58.30.
Another altcoin on the trader’s watchlist is Chainflip (FLIP), an automated market maker (AMM) that aims to provide users with low slippage for native cross-chain swaps. According to the analyst, FLIP may see more rallies gets listed on more crypto exchanges.
“I grabbed some FLIP.
New pair, similar idea as [THORChain] RUNE. There are no legit perp markets yet, just a few spot listings… I can see this becoming difficult as we see it appear in more locations.
At the time of writing, FLIP is worth $6.04.
Looking at Bitcoin (BTC), the Flow Horse said that the crypto king’s rally to a new 2023 high of $38,189 looked unsustainable on Friday. According to the analyst, traders fueled the surge by selling their altcoins to participate in BTC’s rise.
“Bitcoin is rising [on Friday] at the expense of altcoins. You kind of expect this kind of behavior at major turning points, because no one wants to get out of BTC when it looks like it’s about to crack. It will be difficult to stay above $40,000 with this type of fuel.”
At the time of writing, BTC is trading at $37,742.
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Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia