dailyhodl.com
A closely followed crypto analyst says that one Solana (SOL) rival is exhibiting market strength despite Bitcoin’s (BTC) pullback to the lower $90,000 range.
Pseudonymous analyst Pentoshi tells his 822,400 followers on the social media platform X that the native token of the layer-1 blockchain Sei (SEI) is primed for another leg up.
“SEI is another one that not only looks great with a high timeframe flip and clear invalidation, but also holding up very well like many alts on this BTC pullback. Here is the daily and weekly. Just to compare to a similar setup shared [on November 23rd]. When BTC chills out, alts should continue up.”
SEI is trading for $0.69 at the of writing, up 12.9% in the last 24 hours.
The analyst is also bullish on the modular blockchain network Celestia (TIA) after the native token took out its resistance at around $7.00.
“Really strong, and we should see it continue higher.”
TIA is trading at $8.22 at time, up 3.9% in the last 24 hours.
The analyst believes that many altcoins may start outperforming Bitcoin. He shares a chart of the Bitcoin Dominance (BTC.D), which has suddenly dropped out of the 60% range. The BTC.D index tracks how much of the total crypto market cap belongs to Bitcoin. A bearish BTC.D chart suggests that altcoins are about to outshine Bitcoin.
“Looks a lot more convincing [now] and our large/mid caps have made some decent moves in terms of both USD and BTC pairs.”
The BTC.D is hovering at 58.61% at time of writing.
Generated Image: Midjourney