A widely respected cryptocurrency analyst believes that a Solana (SOL) challenger is gearing up for more upside.
Pseudonymous analyst Altcoin Sherpa told his 232,200 followers on social media platform
A round bottom formation is a bullish reversal structure that suggests that an asset is ready to witness a new upward trend.
Altcoin Sherpa says:
“Basically, I think we need to build out a bit more to enable people to gamble, but overall it looks really good at the higher levels. When the bag comes, hold it a little lower. I think $0.60 would be a good position to be in.”
As of this writing, SEI is worth $0.66.
Another altcoin that is attracting the attention of traders is the smart contract platform Fantom (FTM). According to a cryptocurrency strategist, FTM looks solid for long-term investors given its strong fundamentals. He also said the coin would be bullish as it emerges from a months-long accumulation period.
“FTM: There is a lot to like about this chart and the project IMO (I think).
-Andre (Cronje) crack developer
-High flow/not much selling pressure from VCs (venture capitalists)
– The Sonic rebrand that’s capturing all the stories is coming.
-Chartwise, almost two years of accumulation were followed by several big moves and clean levels.
I’m in.
To be honest, I don’t recommend buying at current levels, but I think it’s a good thing to buy on any decline. If you’re looking for an older 2021 mover that still has high float/supply, I think this is a pretty good one (you might also consider others like AVAX).”
According to the trader’s chart, he seems to be suggesting that FTM faces a major resistance level of $1.10.
As of this writing, FTM is trading at $1.00.
Looking at fellow layer 1 (L1) protocol Near (NEAR), traders share a chart that suggests the altcoin could target resistance at $8.29 after rising above $6.50.
“NEAR is seeing very slow price movement and is not very active trading at the moment. That said, I think this impacts a lot of the talk about this cycle in terms of AI (artificial intelligence) and L1. I’d like to see more growth there, and I’d like to see more Degen stuff, but I’ve got this bag.”
NEAR is trading at $6.97 at the time of this writing.
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Featured image: Shutterstock/Alberto Andrei Rosu/Plasteed