A widely followed crypto strategist is warning that a Solana (SOL) competitor that is up more than 3x in the past 30 days is sending signals that it may have pushed a short-term top.
The pseudonymous analyst known as Altcoin Sherpa tells his 205,700 followers on the social media platform
“Why it looks good:
-consolidation and very bullish market structure with a high time frame
– still bullish on all time frames
-EMAs (exponential moving averages) are all catching up + other alts look strong
Why not:
– could be a depletion pump here and the last big step up
-could be a rotation from others (SOL/SEI/etc/) to ETH season aka ARB/LDO/OP
-dying volume/some signs of distribution here.”
At the time of writing, SEI is trading at $0.785, up over 247% from its 30-day low of $0.226.
The trader is also monitoring the price action of Lido DAO (LDO), a liquid staking service for the Ethereum (ETH) blockchain. Altcoin Sherpa says that while he is still bullish on the LDO, he expects it to correct towards the Fibonacci retracement level of 0.382 or 0.5.
“LDO: Looking at this one, I think there will be a solid entry around $2.75-$3. Still optimistic about this whole thing.”
At the time of writing, LDO is worth $3.45.
The last altcoin on the trader’s radar is X, the gaming-focused crypto project Xai (XAI). Altcoin Sherpa thinks XAI is likely to revise its immediate support level before moving forward.
“XAI: Something like $0.90 would probably be a solid entry.”
At the time of writing, XAI is worth $1.04.
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Generated image: Midjourney