Trader Anticipates Steep Decline for Solana Competitor, Provides Updated Analysis on Privacy-Focused Alternative
A well-known trader has predicted that a rival cryptocurrency to Solana, Sei (SEI), is likely to experience a significant retracement after surging by approximately 90% in just one month. Altcoin Sherpa, the pseudonymous analyst, who has a large following of 205,800 followers, believes that SEI could retrace by 30%. The analyst suggests that traders may have an opportunity to accumulate the altcoin at the $0.50 Fibonacci level, around $0.48. The analyst explains that this prediction is based on the fact that the $0.58 level has already been tested and had a strong reaction. Therefore, the analyst expects SEI to eventually reach lower levels, cautioning against buying in the short term. At the time of writing, SEI is trading at $0.679.
Altcoin Sherpa also shared insights on Manta Network (MANTA), a privacy-focused cryptocurrency project. The trader believes that MANTA is likely to reach lower levels and advises against buying until it drops to the low $2s. Currently, MANTA is trading at $2.24.
Regarding Bitcoin (BTC), Altcoin Sherpa expects the leading cryptocurrency to drop below its key psychological support level of $40,000. The analyst suggests that $41,600 is still a support level, but the next support area would be $36,000, which aligns with the 200-day exponential moving average and the 0.382 Fibonacci level. This combination of factors makes it an attractive long-term opportunity, in the trader’s opinion. At the time of writing, BTC is valued at $41,744.