A widely followed analyst believes that a Solana (SOL) competitor is primed for deep retracement after rallying by 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) looks ripe for a 30% retracement.
According to the analyst, he feels “confident” that traders will have a chance to accumulate the altcoin at the 0.50 Fibonacci level around $0.48.
“The reason is that the first 0.382 Fibonacci area around $0.58 already got tapped before and that had a strong reaction. That said, I think that we’re going to eventually see lower levels. Not one to buy in the short term personally.”
At time of writing, SEI is trading for $0.679.
Looking at the privacy-focused crypto project Manta Network (MANTA), the trader thinks that the altcoin is likely headed to lower levels.
“MANTA: aping into new coins is probably a decent idea for Binance. This one has a decent amount of TVL (total value locked), but I wouldn’t buy until the low $2s personally.”
At time of writing, MANTA is trading for $2.24.
As for Bitcoin (BTC), Altcoin Sherpa thinks that BTC will likely move below its key psychological support at $40,000.
“BTC this area ($41,600) is still support for now but the next area up would be $36,000. Lots of confluence with 200-day EMA (exponential moving average), 0.382 Fibonacci [level]/support. Those make it a very easy long, in my opinion.”
At time of writing, BTC is worth $41,744.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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The post Trader Predicts Deep Correction for Solana Rival, Updates Outlook on Privacy-Focused Altcoin appeared first on The Daily Hodl.
