dailyhodl.com
A widely followed crypto strategist warns that a Solana (SOL) competitor that’s up more than 3x in the last 30 days is flashing signals that it may have printed a short-term top.
The pseudonymous analyst known as Altcoin Sherpa tells his 205,700 followers on the social media platform X that while layer-1 blockchain Sei (SEI) is still in an uptrend, it starting to show signs of bullish exhaustion.
“Why it looks good:
-consolidation and highly bullish high time frame market structure
-still bullish on all time frames
-EMAs (exponential moving averages) all catching up + other alts looking strong
Why it doesn’t:
-could be an exhaustion pump here and last big move up
-could be rotation from others (SOL/SEI/etc/) to ETH season also known as ARB/LDO/OP
-dying volume/some signs of distribution here.”
At time of writing, SEI is trading for $0.785, up over 247% from its 30-day low of $0.226.
The trader is also keeping an eye on the price action of Lido DAO (LDO), a liquid staking service for the Ethereum (ETH) blockchain. Altcoin Sherpa says that while he’s still bullish on LDO, he expects it to correct to either the 0.382 or 0.5 Fibonacci retracement level.
“LDO: checking this one, I think a solid entry is coming up around $2.75-$3. Still bullish on this one overall.”
At time of writing, LDO is worth $3.45.
The last altcoin on the trader’s radar is X is the gaming-focused crypto project Xai (XAI). Altcoin Sherpa thinks that XAI will likely revisit its immediate support level before moving higher.
“XAI: something like $0.90 would probably be a solid entry.”