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Home»ALTCOIN NEWS»Trader Predicts In-Depth Adjustment for Solana Rivals, Updates Privacy-Focused Altcoin Outlook
ALTCOIN NEWS

Trader Predicts In-Depth Adjustment for Solana Rivals, Updates Privacy-Focused Altcoin Outlook

By Crypto FlexsJanuary 22, 20242 Mins Read
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Trader Predicts In-Depth Adjustment for Solana Rivals, Updates Privacy-Focused Altcoin Outlook
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One widely respected analyst believes the Solana (SOL) rival is poised for a deep retracement after rising nearly 90% in just one month.

Pseudonymous analyst Altcoin Sherpa told his 205,800 followers that the underlying asset of layer-1 blockchain Sei (SEI) looks ripe for a 30% retracement.

According to the analyst, he feels “confident” that traders will have the opportunity 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 was already tapped earlier and it had a strong reaction. That said, I think we’ll eventually see lower levels. Personally, this is not a product I will purchase in the short term.”

source: Altcoin Sherpa/X

As of this writing, SEI is trading at $0.679.

Looking at privacy-focused cryptocurrency project Manta Network (MANTA), traders believe the altcoin is likely to head lower.

“MANTA: Leveraging a new coin is probably a good idea for Binance. This product has a decent amount of TVL (Total Value Locked), but I personally wouldn’t buy it until it goes below $2.”

video
source: Altcoin Sherpa/X

As of this writing, MANTA is trading at $2.24.

For Bitcoin (BTC), Altcoin Sherpa believes that BTC is likely to move below key psychological support at $40,000.

“BTC this area ($41,600) is currently still supported, but the next rising area will be $36,000. 200-day EMA (exponential moving average), 0.382 Fibonacci level/support and many confluences. I think it makes it very easy.”

video
source: Altcoin Sherpa/X

As of this writing, BTC is worth $41,744.

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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 that you are responsible for any losses that may occur. 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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