Crypto analyst and trader Michaël van de Poppe believes that a challenger to Solana (SOL) could be preparing to witness a bullish reversal.
Van de Poppe told his 719,300 followers on social media platform X that “new upward momentum seems inevitable” for Sei (SEI).
Sei is down about 70% against Bitcoin (SEI/BTC) since January, according to a widely known cryptocurrency analyst. Based on the Van de Poppe chart on daily time frames, Sei can find support at 0.0000006 BTC ($0.42).
Sei, which currently has a market capitalization of approximately $1.6 billion, is trading at 0.00000768 BTC ($0.543) at the time of this writing.
Turning to Bitcoin, Van de Poppe said the flagship cryptocurrency asset is stuck between $67,800 and its all-time high of about $73,800. According to the analyst, Bitcoin is “poised to break out towards new all-time highs.”
However, if Bitcoin turns bearish, the trader shares a chart showing potential support areas for BTC, including $67,789, $60,748, and $56,000.
According to Van de Poppe, a bullish catalyst for Bitcoin and other cryptocurrency assets will be monetary policy easing.
“The European Central Bank decided to cut interest rates today.
The first central bank did that, and I think it’s only a matter of time before the Federal Reserve decides to do the same and start quantitative easing again.
This is the only way out of this economic situation.
In response?
Long Cryptocurrency, Bitcoin and Commodities.”
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.
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