A seasoned trader known for his timely crypto calls says he is bullish on a Solana (SOL) rival now that it is showing significant strength.
Pseudonymous trader The Flow Horse tells his Telegram channel that he is “bullish by default” on the native layer-one blockchain asset Sei (SEI) after breaking through months-long resistance around the 0.40 level $.
“It’s the weekend, so just like trading volumes, my release volumes will be lower, but take a look at SEI – I just have to have a default bullish bias on things like this.
Summer range broken, retest, I’ll just add it until proven otherwise. Invalidation is near and this is a key inflection point.
Since the trader’s release, SEI rose above $0.50 before correcting. At the time of writing, SEI is worth $0.469, up over 4% over the past day.
While the altcoin market has performed well with most crypto assets rising over the past seven days, The Flow Horse warns that not everything will continue to print green candles.
According to the trader, certain altcoins like Dogecoin (DOGE) rival Shiba Inu (SHIB) present fantastic opportunities for short sellers looking to capitalize on overly prolonged rallies. It shares a SHIB chart overlaid with open interest data, which is often used as an indicator to gauge when markets are frothy.
“Be careful thinking that there are no more good opportunities in the short term. Is SHIB a good short here? Maybe, depending on how close we get to a brief correction. Losing the level during a large increase in RO creates the potential for purging.
At the time of writing, SHIB is trading at $0.000019, down over 5% on the day.
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