A widely followed analyst believes a Solana (SOL) rival is poised for a deep retracement after surging about 90% in just a month.
Pseudonymous analyst Altcoin Sherpa tells his 205,800 followers that the native asset of the layer-1 blockchain Sei (SEI) appears ripe for a 30% retracement.
According to the analyst, he is “confident” that traders will have a chance to accumulate the altcoin at the Fibonacci level of 0.50 around $0.48.
“The reason is that the first Fibonacci area of 0.382 around $0.58 was already tapped earlier and that caused a strong reaction. That said, I think we will eventually see lower levels. Personally not something to buy in the short term.”
At the time of writing, SEI is trading at $0.679.
Looking at the privacy-focused crypto project Manta Network (MANTA), the trader thinks the altcoin is likely to head to lower levels.
“MANTA: Getting new coins is probably a good idea for Binance. This one has a decent amount of TVL (total value locked), but I personally wouldn’t buy until the low end is $2.
At the time of writing, MANTA is trading at $2.24.
As for Bitcoin (BTC), Altcoin Sherpa thinks BTC is likely to fall below its key psychological support point of $40,000.
“BTC this area ($41,600) is still support for now, but the next area up would be $36,000. Lots of coincidence with 200-day EMA (exponential moving average), 0.382 Fibonacci [level]/support. In my opinion, they make it very easy.”
At the time of writing, BTC is worth $41,744.
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Generated image: Midjourney