A widely followed crypto strategist believes three altcoins, including Layer 1 project Sui (SUI), are in the midst of a clear downtrend.
Pseudonymous analyst Altcoin Sherpa is warning his 218,900 followers on social media platform X that SUI, along with its smart contract platform Near (NEAR) and the AI-driven Artificial Superintelligence Alliance (FET), are moving into bearish territory.
“What’s really scary is that we still have a long way to go for some of these coins. An unstable BTC environment coupled with a supply unlock (SUI peep) means a recipe for disaster for many of these coins.
The market structure is clearly bearish for many and has been for some time. Stay safe.
The trader shares a chart of SUI showing how the altcoin has fallen sharply from its all-time high of $2.17.
At the time of writing, SUI is worth $0.575.
In another chart, it seems to suggest that FET is showing a series of bearish highs and lows.
At the time of writing, FET is trading at $0.921.
As for NEAR, the analyst’s chart seems to suggest that the altcoin has printed two consecutive lower highs on its weekly chart.
At the time of writing, NEAR is worth $4.16.
While Altcoin Sherpa is bearish on the trio of altcoins, he remains bullish on Bitcoin (BTC) and Ethereum (ETH) in the long term. He also claims that the fourth quarters of every year have been historically bullish for cryptocurrencies.
“BTC is still going to hit an all-time high (ATH) later this year and your shitcoins are *probably* going to be several times their current value.
Seasonality is a reality; the fourth and first quarters are glorious times. Don’t die before then.
ETH will still break ATH, which is almost guaranteed; it is still a very likely trade given the ETF (exchange traded fund).
At the time of writing, Bitcoin is trading at $55,939, while ETH is worth $2,352.
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