Crypto Trader Says Solana Competitor Starting To Show Bullish Momentum, Updates Outlook on Bitcoin and Ethereum

A potential breakout on the horizon for Sei (SEI) as per crypto analyst

A well-known crypto analyst has recently suggested that a competitor of Solana (SOL) might be gearing up for a significant breakout. In a recent thread on the social media platform X, crypto trader Michaël van de Poppe shared his insights with his large following of 783,000 followers, highlighting the potential for Sei (SEI) to surge by over 100% if it manages to break through a key resistance level.

According to van de Poppe, “SEI is showing signs of momentum. The Bitcoin pair is exhibiting a strong bullish divergence on higher timeframes, while the USD pair is facing a critical resistance level. A successful breakthrough of $0.20 could pave the way for a continuation towards the $0.30-$0.35 range.”

At the time of writing, SEI is trading at $0.17, reflecting a 2.4% decline in the last 24 hours.

Bitcoin (BTC) primed for a potential uptrend

Van de Poppe also pointed out that Bitcoin (BTC) is currently in a consolidation phase, hinting at a possible explosive move to the upside. He stated, “Bitcoin seems to be trapped within its final range. Another test of $87,000 could potentially trigger a breakout towards a new all-time high.”

As of the latest update, Bitcoin is trading at $83,800, remaining relatively unchanged on the day.

Ethereum (ETH) set for an uptrend with a correlation to gold

Furthermore, van de Poppe suggested that Ethereum (ETH) may be on the brink of an uptrend, especially if the price of gold peaks. He highlighted the historical inverse correlation between ETH and gold, indicating that a surge in gold prices could fuel strength in Ethereum.

Van de Poppe also drew attention to the bullish signal from ETH’s Relative Strength Index (RSI), which has entered oversold territory. The RSI is a momentum indicator that helps determine whether an asset is overbought or oversold, with values ranging from 0 to 100.

ETH is currently trading at $1,589, registering a 2% decline in the last 24 hours.

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