According to a popular crypto analyst, a potential breakout may be on the horizon for a competitor of Solana (SOL).
In a recent series of tweets, cryptocurrency trader Michaël van de Poppe shared with his 783,000 followers on X that Sei (SEI) could see a significant increase of over 100% if it manages to surpass a critical resistance level.
“SEI is showing signs of momentum. The Bitcoin pair exhibits a strong bullish divergence on higher timeframes, while the USD pair is approaching a key resistance level. A breakthrough at $0.20 could pave the way for further gains towards $0.30-$0.35.”
At the time of writing, SEI is trading at $0.17, reflecting a 2.4% decline in the past 24 hours.
Looking ahead, the analyst also suggests that Bitcoin (BTC) is currently in a consolidation phase that could potentially lead to a significant upward movement.
“Bitcoin is consolidating within a tight range. A retest of $87,000 could trigger a breakout towards a new all-time high.”
Bitcoin is currently priced at $83,800, unchanged on the day.
Furthermore, the analyst points out that Ethereum (ETH) might be gearing up for an uptrend, especially if the price of gold reaches a peak, given ETH’s historical inverse correlation with the precious metal.
“ETH is off to a strong start this week, gaining +4% against Bitcoin. The key factor to watch is whether this momentum can be sustained, as recent months have seen retracements shortly after. Keep an eye on gold prices – a peak could potentially fuel further strength in ETH.”
The analyst also highlights that ETH’s Relative Strength Index (RSI) indicator is signaling bullish sentiment, having entered oversold territory.
The RSI is a momentum oscillator that helps determine whether an asset is oversold or overbought. Values range from 0 to 100, with levels between 70 and 100 indicating overbought conditions, and levels between 0 and 30 indicating oversold conditions.
“ETH has been in a bear market for 1,225 days, during which time gold has doubled in value. The weekly candle for ETH also shows the lowest RSI reading.”
ETH is currently trading at $1,589, experiencing a 2% decline in the last 24 hours.
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