A popular cryptocurrency analyst suggests that a competitor to Solana (SOL) could be on the verge of a breakout.
In a recent discussion, crypto trader Michaël van de Poppe informs his 783,000 followers on the social media platform X that Sei (SEI) could potentially increase over 100% from its current value if it surpasses a significant resistance level.
“SEI is beginning to gain momentum. The Bitcoin pair shows a strong bullish divergence on higher timeframes, while the USD pair is at a critical resistance. If it breaks through $0.20, it could continue towards $0.30-$0.35.”
Currently, SEI is trading at $0.17, having decreased by 2.4% in the past 24 hours.
Next, the analyst mentions that Bitcoin (BTC) is currently in a consolidation phase, which may lead to a significant upward movement.
“Bitcoin is stuck in its final range. A test of $87,000 is imminent, and if successful, we’ll likely see an upward breakout towards a new all-time high.”
Bitcoin is trading at $83,800 at the moment, remaining unchanged for the day.
Finally, the analyst notes that Ethereum (ETH) could be beginning an upward trend if gold reaches a peak, due to ETH’s historical inverse correlation with the precious metal.
“It’s a solid start to the week, with ETH up 4% against Bitcoin. The key question is whether this momentum will hold; historically, it has tended to give back gains shortly after. What should be monitored? The peak of gold. If that happens, we should see increased strength in ETH.”
The analyst also remarks that ETH’s Relative Strength Index (RSI) is indicating bullish signs, having moved into oversold territory.
The RSI is a momentum oscillator utilized to gauge whether an asset is overbought or oversold. Its values range from zero to 100, with 70-100 indicating overbought conditions and 0-30 indicating oversold status.
“ETH has been in a bear market for 1,225 days, during which gold has doubled in value. This is also paired with ETH’s lowest weekly RSI reading.”
As of now, ETH is priced at $1,589, having fallen by 2% in the last 24 hours.
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