Cryptocurrency analyst and trader Michaël van de Poppe believes that one Solana (SOL) challenger may be gearing up to witness a bullish reversal.
Van de Poppe tells his 719,300 followers on the social media platform X that a “new round of upwards momentum seems inevitable” for Sei (SEI).
According to the widely followed crypto analyst, Sei has depreciated by around 70% against Bitcoin (SEI/BTC) since January. Based on Van de Poppe’s chart on the daily timeframe, Sei may find support at 0.0000006 BTC ($0.42).
Sei, which currently has a market cap of around $1.6 billion, is trading at 0.00000768 BTC ($0.543) at time of writing.
Turning to Bitcoin, Van de Poppe says the flagship crypto asset is stuck in a range between $67,800 and an all-time high of about $73,800. According to the analyst, Bitcoin is “heavily ready for a breakout upwards to a new all-time high.”
But if Bitcoin turns bearish, the trader shares a chart showing potential support areas for BTC including $67,789, $60,748 and $56,000.
According to Van de Poppe, the bullish catalysts for Bitcoin and other crypto assets will be the easing of monetary policy.
“The European Central Bank decided to cut rates today.
The first Central Bank doing so and I think it’s a matter of time before the Federal Reserve decides to do the same and start quantitative easing again.
It’s the only way out of this economic position.
As a response?
Long crypto, Bitcoin and commodities.”
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: DALLE3
