dailyhodl.com
A veteran trader known for timely crypto calls says he’s bullish on one Solana (SOL) rival now that it’s showing significant strength.
Pseudonymous trader The Flow Horse tells his Telegram channel that he’s “default bullish” on the native asset of the layer-one blockchain Sei (SEI) following its clearance of a multi-month resistance around the $0.40 level.
“It’s the weekend so just like trading volumes my posting volumes will be lower, but take a look at SEI – I simply must be default bullish biased on things like this.
Summer range broken, retesting, I will just add until proven otherwise. The invalidation is close and this is a key inflection point.”
Since the trader’s post, SEI has poked above the $0.50 before correcting. At time of writing, SEI is worth $0.469, up over 4% in the past day.
While the altcoin market has been performing well with most crypto assets up in the last seven days, The Flow Horse warns that not everything is going to keep printing green candles.
According to the trader, certain altcoins like Dogecoin (DOGE) rival Shiba Inu (SHIB) are presenting fantastic opportunities for short sellers looking to capitalize on overextended rallies. He shares a SHIB chart overlayed with open interest data, which is often used as an indicator to gauge when markets are frothy.
“Be careful thinking there are no good short opportunities anymore. Is SHIB a good short here? Maybe, depending on if we are closer to a brief correction. Losing the level on a big OI boost sets up the bleed out potential.”
At time of writing, SHIB is trading at $0.000019, down over 5% on the day.
Generated Image: Midjourney