A prominent crypto strategist believes that three altcoins, including Layer 1 project SUI, are in a distinct downtrend.
An anonymous analyst, Altcoin Sherpa, warned his 218,900 followers on social media platform X that SUI, smart contract platform Near (NEAR), and AI-centric Artificial Intelligence Superintelligence Alliance (FET) are trading in a bear market.
“What’s really scary is that we still have a long way to go for some of these coins. The volatile BTC environment, along with the supply unlock (peep SUI), means that many of these coins could be doomed.
For many, there is a clear bear market structure and has been for some time. Stay safe.”
The trader shares a SUI chart, which shows the altcoin’s sharp decline from its all-time high of $2.17.
At the time of writing, SUI was worth $0.575.
On other charts, it looks like FET is making lower highs and lower lows in a series of downtrends.
At the time of writing, FET was trading at $0.921.
For NEAR, the analyst chart shows that the altcoin has made two consecutive lower highs on the weekly chart.
At the time of writing, NEAR was valued at $4.16.
Altcoin Sherpa was bearish on three altcoins, but he was bullish on Bitcoin (BTC) and Ethereum (ETH) long-term. He also said that the fourth quarter of each year has historically been bullish for crypto.
“BTC will hit an ATH by the end of the year, and your shitcoin will *probably* be worth several times what it is today.
Seasonality is an issue. Q4 and Q1 are great times. Don’t die before then.
ETH will still almost certainly break above its ATH. It’s still a very high probability trade considering the ETFs.”
At the time of writing, Bitcoin is trading at $55,939, while ETH is trading at $2,352.
Don’t miss out – subscribe to receive email notifications straight to your inbox
Price check task
Follow us XFacebook and Telegram
Surfing the Daily Hodl Mix
 
Disclaimer: The opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investment in Bitcoin, cryptocurrencies or digital assets. Your transfers and transactions are your responsibility and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets and The Daily Hodl is not an investment advisor. The Daily Hodl participates in affiliate marketing.
Generated image: Midjourney