A seasoned trader, known for his accurate predictions in the crypto market, recently shared his bullish stance on a competitor of Solana (SOL) that is currently displaying notable strength. The trader, who goes by the pseudonym The Flow Horse, expressed his optimism for Sei (SEI), the native asset of the layer-one blockchain, after it successfully surpassed a key resistance level around $0.40.
In a post on his Telegram channel, The Flow Horse emphasized his positive bias towards SEI, highlighting the breakout of the summer range and the subsequent retesting phase. He mentioned adding more to his position unless proven otherwise, noting that the current juncture marks a crucial point for the asset’s trajectory.
Following the trader’s endorsement, SEI briefly surged above $0.50 before experiencing a minor correction. As of the latest update, SEI is valued at $0.469, showcasing a gain of over 4% in the past 24 hours. While the overall altcoin market has been performing well with most digital assets witnessing an upward trend over the past week, The Flow Horse cautioned against assuming that all assets will continue to exhibit positive price action.
The trader pointed out specific altcoins, such as Shiba Inu (SHIB), a competitor to Dogecoin (DOGE), as potential opportunities for short selling due to their overextended rallies. By overlaying a SHIB chart with open interest data, which indicates market frothiness, The Flow Horse hinted at the possibility of a correction in the near term.
At the time of writing, SHIB is trading at $0.000019, reflecting a decline of over 5% for the day. The trader emphasized the importance of remaining vigilant and considering short opportunities in a market where not all assets are expected to sustain their bullish momentum.
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Image Source: Midjourney
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