A widely followed crypto analyst says that one rival of smart contract platform Solana (SOL) is waiting in the wings before making its next move to the upside while updating his outlook on Bitcoin (BTC).
In a new strategy session, crypto trader Rekt Capital tells his 533,400 followers on the social media platform X that layer-1 blockchain Sui Network (SUI) is consolidating below its all-time high as it gains support from prominent crypto wallet Phantom.
[adinserter block="1"]“SUI. Still consolidating below all-time highs, biding its time before its next move. As for fundamentals, Phantom is live with SUI to over 15 million monthly active users. More, SUI has partnered with SatLayer and Babylon BTC Staking in an effort to push into BTC DeFi this Q1.”
SUI is trading for $4.14 at time of writing, a 12.5% gain during the last day.
Moving on to the crypto king, Rekt Capital says Bitcoin has successfully retested a resistance zone but needs a daily close above $106,000 price to confirm a breakout.
“Bitcoin has successfully broken out to revisit the range high resistance (red). Now, Bitcoin needs a daily close above the range high of $106,000 to breakout from the range overall (orange circle).”
According to the strategist, a daily close above that range is essential to confirm a breakout because the top crypto asset by market cap has produced fakeout spikes caused by investor FOMO (fear of missing out) in the past.
“BTC needs a daily close above the top of this light blue pattern to position itself for a pattern breakout and thus for a challenge to revisit the range high daily close above the diagonal is essential, as before BTC has produced upside FOMO wicks which have preceded rejections.”
BTC is trading for $105,744 at time of writing, a 3.7% gain during the last 24 hours.
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