Crypto Trader Says Solana Rival Forming Decent Trade Setup, Updates Outlook on Pepe, Ethena and Celestia
A widely followed crypto analyst and trader is expressing bullish sentiment on a Solana (SOL) competitor while offering his forecast on three altcoins.
Starting with Sei (SEI), the analyst pseudonymously known as Altcoin Sherpa tells his 215,200 followers on the social media platform X that the native token of the layer-1 blockchain “could be a decent trade” as it sits at a pivotal area.
Based on the analyst’s chart, SEI is resting on the 0.618 Fibonacci retracement level and slightly below the 200 exponential moving average (EMA) on the daily chart. The Fibonacci retracement levels are based on Fibonacci numbers and are used to determine support and resistance levels.
“Going to be heavily dependent on Bitcoin obviously.”
Next up is the Pepe (PEPE) memecoin. Based on the pseudonymous analyst’s chart, it appears that the memecoin is sitting slightly above the 200 EMA and the 0.618 Fibonacci retracement level on the 12-hour chart.
“PEPE: looks really scary but many altcoins are at some decent support levels. Let’s see if they hold.”
Next up is the governance token of the decentralized finance protocol Ethena (ENA). The pseudonymous analyst says that he has accumulated ENA as it lies at a potential reversal point (just above the 0.50 Fibonacci retracement level) following a correction from the all-time high reached earlier this month.
“I like this level and it didn’t move too much given Bitcoin volatility. Going to be wrecked or this will be good, I don’t know.”
Next up is Celestia (TIA), a blockchain designed to enable just about anyone to launch their own decentralized network easily and cheaply. Altcoin Sherpa says that TIA currently appears attractive for accumulation after demonstrating a strong recovery following a significant market correction.
“To be honest if you have balls of steel, I would try longing TIA around here.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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