A veteran trader known for his timely crypto calls says he’s bullish on a Solana (SOL) rival as it shows significant strength.
Pseudonymous trader The Flow Horse tells his Telegram channel that he is “standardly bullish” on the layer-one blockchain native asset Sei (SEI) after overcoming multi-month resistance around the $0.40 level.
“It’s the weekend, so like trading volumes my post volumes will be lower, but look at SEI – I’m just standard bullishly biased on this stuff.
Summer range broken, retest, I’ll just add until proven otherwise. Invalidation is close and this is an important turning point.”
Since the trader’s post, SEI has spiked above $0.50 before making a correction. At the time of writing, SEI is worth $0.469, up over 4% in the past day.
Although the altcoin market has performed well over the past seven days and most crypto assets have risen, The Flow Horse warns that not everything will continue to print green candles.
According to the trader, certain altcoins such as Dogecoin (DOGE) rival Shiba Inu (SHIB) offer fantastic opportunities for short sellers looking to profit from overextended rallies. He shares a SHIB chart showing open interest data, which is often used as an indicator to gauge when markets are frothy.
“Be careful with the idea that there are no good short opportunities left. Is SHIB a good short here? Maybe, depending on whether we are closer to a short correction. If you lose the level with a large OI boost, there is a bleeding potential.”
At the time of writing, SHIB is trading at $0.000019, down more than 5% on the day.
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Generated image: Midjourney