A Top Analyst’s Perspective on Emerging Trends
A top analyst in the cryptocurrency space has identified potential uptrends in several digital assets, including a Solana (SOL) competitor that has been flying under the radar.
SUI: Breaking Out from Downtrend
Pseudonymous analyst The Flow Horse shared insights with his 188,000 followers on X, highlighting that layer-1 blockchain Sui (SUI) seems to have reversed its downtrend. The analyst notes that SUI has broken out from a rounding bottom reversal pattern, indicating the early stages of an uptrend.
“This SUI trend looks like it is just beginning. Anything that has come out in the last six months and rounded out while retaking key volume levels is on my list of things to be aggressive about.”
At the time of writing, SUI is trading at $0.65, reflecting a minor decrease of nearly 3% in the last 24 hours.
SOL: Bullish Outlook
The analyst also expressed optimism about the smart contract platform Solana (SOL), noting a bullish correction. Market participants reportedly seized the opportunity to accumulate the dip when SOL dropped to a weekly low of $52.21.
“So SOL is definitely going higher. This is a very bullish correction, and the spot market is just buying everything.”
As of now, SOL is valued at $58.30.
FLIP: Chainflip’s Potential Rally
Chainflip (FLIP), an automated market maker (AMM) aiming to provide low slippage for native cross-chain swaps, is another altcoin on the analyst’s watchlist. The analyst predicts potential rallies for FLIP as it gets listed on more crypto exchanges.
“Grabbed some FLIP. New pair, similar idea to [THORChain] RUNE. No legit perp markets yet, only a few spot listings… I can see this running hard as we see it listed at more venues.”
FLIP is currently valued at $6.04.
Bitcoin’s Rally and Potential Challenges
Addressing the broader market, The Flow Horse commented on Bitcoin’s (BTC) rally to a new 2023 high of $38,189, expressing concerns about its sustainability. The analyst suggested that the surge in BTC was fueled by traders selling their altcoins to participate in Bitcoin’s upward movement.
“Bitcoin pushing up [on Friday] at the expense of altcoins. More or less expect this type of behavior at key inflection points, as no one wants to be out of BTC when it looks like it might rip. It’s gonna be tough to keep it going above $40,000 on this kind of fuel.”
At the time of writing, BTC is trading at $37,742.
