Renowned crypto strategist and analyst, Altcoin Sherpa, has issued a warning about a rising competitor to Solana, which has experienced a remarkable 247% increase in value within a month. Altcoin Sherpa highlights that the layer-1 blockchain Sei (SEI) still maintains an overall upward trajectory but displays signs of bullish exhaustion. Despite the positive factors, Altcoin Sherpa suggests that the recent surge in price might indicate reaching a short-term peak or a transition from other altcoins to Ethereum-related assets. Observing decreased trading volume and signs of distribution, Altcoin Sherpa advises caution with SEI’s current market conditions. As of now, SEI is trading at $0.785, displaying impressive growth from its 30-day low of $0.226.
Additionally, Altcoin Sherpa has provided an update on two other altcoins. Regarding Lido DAO (LDO), a liquid staking platform for Ethereum, Altcoin Sherpa remains optimistic about its prospects but predicts an imminent correction to either the 0.382 or 0.5 Fibonacci retracement levels. LDO’s current valuation stands at $3.45.
Lastly, Altcoin Sherpa is monitoring the gaming-centered cryptocurrency project Xai (XAI). It is anticipated that XAI will retest its immediate support level before continuing its upward trajectory. Altcoin Sherpa proposes a potential entry point around $0.90 for XAI.
As always, Altcoin Sherpa keeps a diligent eye on these altcoins, providing insightful market analysis for his vast following of 205,700 crypto enthusiasts on X.