A closely watched crypto analyst says a Solana (SOL) rival is showing market strength despite Bitcoin’s (BTC) pullback to the lower $90,000 range.
Pseudonymous analyst Pentoshi tells its 822,400 followers on the social media platform X indicate that the native token of the layer-1 blockchain Sei (SEI) is ready for a new step forward.
“SEI is another one that not only looks great with a high time frame flip and a clear invalidation, but is also holding up really well like many alts on this BTC pullback. Here you will find the daily and weekly. Just to compare with a similar shared setup [on November 23rd]. If BTC cools down, alts should continue to rise.”
SEI is trading at $0.69 at the time of writing, up 12.9% in the last 24 hours.
The analyst is also bullish on modular blockchain network Celestia (TIA) after the native token cleared its resistance around $7.00.
“Really strong, and we should see it continue higher.”
TIA is currently trading at $8.22, up 3.9% in the last 24 hours.
The analyst believes that many altcoins may outperform Bitcoin. He shares a chart of Bitcoin Dominance (BTC.D), which has suddenly fallen out of the 60% range. The BTC.D index tracks how much of the total crypto market capitalization belongs to Bitcoin. A bearish BTC.D chart suggests that altcoins are about to surpass Bitcoin.
“Looks a lot more convincing 1732720876 and our large/mid caps have made some decent moves in terms of both USD and BTC pairs.”
The BTC.D is fluctuating at 58.61% at the time of writing.
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Credit : dailyhodl.com
