Top Analyst Says Uptrend Just Beginning for Solana Rival, Predicts Rally for Two Additional Altcoins
A prime analyst believes that one Solana (SOL) challenger that’s buying and selling below the radar is within the early phases of an uptrend.
Pseudonymous analyst The Stream Horse tells his 188,000 followers on the social media platform X that layer-1 blockchain Sui (SUI) seems to have ended its downtrend after breaking out from a rounding backside reversal sample.
“This SUI pattern appears like it’s simply starting.
Something that has come out within the final six months and rounded out whereas retaking key quantity ranges is on my checklist of issues to be aggressive about.”
At time of writing, SUI is buying and selling at $0.65, down practically 3% within the final 24 hours.
Subsequent up is the good contract platform Solana itself, which the dealer says appears bullish after market contributors confirmed as much as accumulate the dip when it dropped to a weekly low of $52.21.
“So SOL is certainly going greater.
It is a very bullish correction and the spot market is simply shopping for every part.”
At time of writing, SOL is price $58.30.
One other altcoin on the dealer’s watchlist is Chainflip (FLIP), an automatic market maker (AMM) that goals to supply customers with low slippage for native cross-chain swaps. In response to the analyst, FLIP might even see extra rallies because it gets listed on extra crypto exchanges.
“Grabbed some FLIP.
New pair, related thought to [THORChain] RUNE. No legit perp markets but, just a few spot listings… I can see this operating laborious as we see it listed at extra venues.”
At time of writing, FLIP is price $6.04.
Taking a look at Bitcoin (BTC), The Stream Horse said that the crypto king’s rally to a brand new 2023 excessive of $38,189 on Friday seemed unsustainable. In response to the analyst, merchants had been fueling the surge by promoting their altcoins to take part in BTC’s transfer up.
“Bitcoin pushing up [on Friday] at the expense of altcoins. More or less expect this type of behavior at key inflection points, as no one wants to be out of BTC when it looks like it might rip. It’s gonna be tough to keep it going above $40,000 on this kind of fuel.”
At time of writing, BTC is buying and selling at $37,742.
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Featured Picture: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
