A widely respected cryptocurrency strategist has warned that Solana (SOL) rival, which has more than tripled in the past 30 days, is signaling that it may have hit a near-term high.
An anonymous analyst known as Altcoin Sherpa told his 205,700 followers on social media platform
“Why it looks good:
– Consolidation and very optimistic high time frame market structure
-Still strong on all time zones
-EMA (exponential moving averages) are all catching up and other alternatives also look strong.
Why not:
– This could be the exhaust pump and the last big move here.
-Can rotate from other seasons (SOL/SEI/etc/) to ETH season (also known as ARB/LDO/OP).
– Dying sheep/Here are the signs of distribution.”
As of this writing, SEI is trading at $0.785, up more than 247% from its 30-day low of $0.226.
Traders are also paying attention to the price movement of Lido DAO (LDO), a liquid staking service on the Ethereum (ETH) blockchain. Altcoin Sherpa says he remains bullish on LDO but expects a correction towards the 0.382 or 0.5 Fibonacci retracement levels.
“LDO: Checking this out, I expect a solid entry around $2.75-$3. “Overall, we remain optimistic.”
As of this writing, LDO is worth $3.45.
The last altcoin on traders’ radar is Xai (XAI), where X is a gaming-focused cryptocurrency project. Altcoin Sherpa believes that it is likely that XAI will revisit its immediate support levels before moving higher.
“XAI: $0.90 would probably be a solid entry point.”
As of this writing, XAI is worth $1.04.
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