A seasoned trader recognized for his timely insights into cryptocurrency markets has expressed optimism about a competitor of Solana (SOL) as it demonstrates remarkable resilience. The trader, known by the pseudonym The Flow Horse, shared his perspective on his Telegram channel, indicating a “default bullish” stance on the native token of the layer-one blockchain Sei (SEI) after it successfully broke through a significant resistance level that had held for several months, specifically around the $0.40 mark.

“It’s the weekend, so my posting frequency will be lower, much like trading volumes, but take a moment to look at SEI – I can’t help but maintain a bullish outlook on this. The summer range has been broken and is now being retested; I plan to accumulate more until proven otherwise. The invalidation point is close, making this a crucial turning point,” he noted.

Source: The Stable/Telegram

Since the trader’s announcement, SEI has surged above the $0.50 threshold before experiencing a slight correction. As of now, SEI is valued at $0.469, reflecting a more than 4% increase in the past day.

Despite the overall positive performance of the altcoin market, with many cryptocurrencies seeing growth over the past week, The Flow Horse cautions that not all assets will continue to show upward momentum. He points out that certain altcoins, like Shiba Inu (SHIB), which competes with Dogecoin (DOGE), are presenting excellent opportunities for short sellers aiming to benefit from overly extended price movements. He also provided a SHIB chart overlaid with open interest data, a metric often used to assess market conditions.

“Be cautious if you think there are no viable short opportunities left. Is SHIB a potential short at this point? Perhaps, depending on whether we’re nearing a short-term correction. If it drops below a significant level alongside a notable increase in open interest, we could see a sharp decline,” he advised.

Source: The Stable/Telegram

At the time of this writing, SHIB is trading at $0.000019, down over 5% within the day.

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Disclaimer: The views shared in The Daily Hodl are not to be considered investment advice. Investors should conduct their own research before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that any transfers or trades made are at your own risk, and you are responsible for any potential losses. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it function as an investment advisor. Additionally, The Daily Hodl engages in affiliate marketing.
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