A widely followed crypto analyst thinks one Solana (SOL) challenger is gearing up for more rounds of upside bursts.
Pseudonymous analyst Altcoin Sherpa tells his 232,200 followers on the social media platform X that Sei (SEI) looks bullish after breaking out of a rounding bottom pattern on the weekly chart.
A rounding bottom formation is a bullish reversal structure suggesting that an asset is ready to witness a new uptrend.
Says Altcoin Sherpa,
“Fundamentals-wise, I think there needs to be a bit more built on there for people to gamble on but all in all, it looks really good for higher. Grabbing a bag a bit lower if it comes. Something like $0.60 would be a decent entry in my opinion.”
At time of writing, SEI is worth $0.66.
Another altcoin on the trader’s radar is the smart contract platform Fantom (FTM). According to the crypto strategist, FTM looks solid for long-term investors given its strong fundamentals. He also says the coin looks bullish after breaking out from a multi-month accumulation period.
“FTM: there’s a lot to like with this chart and project IMO (in my opinion):
-Andre [Cronje] cracked dev
-high float/not as much sell pressure from VCs (venture capitalists)
-Sonic rebrand coming that hits all the narratives
-chart-wise, almost a two-year accumulation period followed by some big moves and clean levels.
I’m in.
Don’t really recommend you buy at this current level, to be frank, but I think that buying any dips is a good thing. Still believe that this is a pretty decent one to hold if you’re looking for older 2021 movers that have high float/supply out (others like AVAX might be considered).”
Based on the trader’s chart, he seems to suggest that FTM is facing one big resistance level at $1.10.
At time of writing, FTM is trading at $1.00.
Looking at fellow layer-1 (L1) protocol Near (NEAR), the trader shares a chart suggesting that the altcoin may target its resistance at $8.29 after moving above $6.50.
“NEAR has pretty slow grinding price action and isn’t really a great active trade right now. That said, I do think that this hits a lot of narratives for this cycle in terms of AI (artificial intelligence) and L1. Would like to see more growth on there / more degen stuff but I do have a bag of this.”
NEAR is trading at $6.97 at time of writing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Alberto Andrei Rosu/Plasteed
