Crypto Trader Says Solana Rival Forming Decent Trade Setup, Updates Outlook on Pepe, Ethena and Celestia

By The Daily Hodl April 20, 2024 In Cryptocurrencies, Pepe, Solana, Trading
Source: Altcoin Sherpa/X

A widely followed crypto strategist says one Solana (SOL) rival may be gearing up for a breakout.

Pseudonymous analyst Altcoin Sherpa tells his 215,200 followers on the social media platform X that layer-one blockchain Sei (SEI) may reverse to the upside after retesting a key level.

“Coins like SEI are at pivotal areas. 200-day exponential moving average (EMA), .618 Fibonacci level of the entire move up. Probably good places to bid if you like the tech. I’m personally staying away from this one but it could be a decent trade. Going to be heavily dependent on BTC, obviously.”

Source: Altcoin Sherpa/X

SEI is trading for $0.56 at time of writing, up more than 4% in the last 24 hours.


Next up, the analyst says memecoin Pepe (PEPE) may have found a market bottom after correcting.

“PEPE: looks really scary but many altcoins are at some decent support levels. Let’s see if they hold.”

Source: Altcoin Sherpa/X

Pepe is trading for $0.00000551 at time of writing, up 1% in the last 24 hours.

Next up, the analyst says that the governance token of the decentralized finance protocol Ethena (ENA) may have found support at the $0.938 level and could start to rally.

“ENA: bought more today. I like this level and it didn’t move too much given BTC volatility. Going to be rekt or this will be good, I don’t know.”

Source: Altcoin Sherpa/X

Athena is trading for $0.98 at time of writing up more than 8% in the last 24 hours.

Lastly, the analyst says that a bullish pattern of higher lows may be forming on the four-hour chart for Celestia (TIA), a blockchain designed to enable just about anyone to launch their own decentralized network easily and cheaply.

“TIA: to be honest, if you have balls of steel, I would try longing TIA around here. I don’t know if the snapshot is already taken and this is just short-term bullish stuff, but if there is any sustainability with [April 16th’s] pump, this will be a good time to enter. Seeing reactions for coins like TIA, which were strong [April 16th], will be a good way to view how the entire market is.”

Source: Altcoin Sherpa/X

TIA is trading for $10.82 at time of writing, up nearly 8% in the last 24 hours.

Generated Image: DALLE3

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