A closely followed crypto trader is remaining bullish on one Solana (SOL) competitor that’s put up big gains in recent months.
Pseudonymous trader The Flow Horse tells his 200,300 followers on the social media platform X that the layer-1 blockchain Sui Network (SUI) will remain in an uptrend if it holds a key level as support.
The trader shows data from cryptorank.io detailing a sizable token unlock coming early next month. Token unlocks sometimes trigger price corrections since they create a new supply of tokens that can be sold.
However, in this case, The Flow Horse says the market will easily absorb the new tokens and SUI will keep surging.
“Still a SUI bull as long as it is holding $1.30. Decent unlock coming up in a month that should bake in some hedging pressure that ends up buying back either way. Think this goes much higher.”
SUI is trading for $1.51 at time of writing, up more than 2% in the last 24 hours.
Meanwhile, the trader is turning bearish on Monero (XMR), the biggest privacy-focused cryptocurrency on the market, and other similar projects. His comments come shortly after Binance, the largest crypto exchange in the world, announced it was discontinuing support for XMR.
“Privacy chains don’t have a chance, and any path to them is a honeypot. If this is not obvious, you are too utopian…
To be clear, I think privacy is a right, but my views are not reality.”
XMR is trading for $131.11 at time of writing, up nearly 17% in the last 24 hours.
Looking at Bitcoin, the trader says in a new strategy session that it’s possible Bitcoin (BTC) doesn’t see any significant price correction heading into the April halving event as it has in other cycles. Bitcoin’s halving, which reduces miners’ rewards in half, happens every four years.
“The [Bitcoin halving] is the most reliable narrative this market has ever had. And it’s also the only narrative that really has any kind of traction outside of crypto natives… It’s one that’s gonna be on CNBC. It is going to be in your face a lot more. It’s worked in the past. It’s a small sample size, but it’s all we have. And, again, [it is] the most reliable narrative that crypto has had that has lifted every single boat.
So we’re coming up on that. There’s been sell-offs into prior halvings that were 30% to 50% plus right before. But if we’re still just strong into halving, like drifting up higher, that’s probably it honestly. Let’s say nothing happens besides we go sideways with a slight positive drift. So positive drift for me into major events – pretty telling.”
Bitcoin is trading for $43,449 at time of writing, up slightly in the last 24 hours.
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Source: https://dailyhodl.com/2024/02/07/one-solana-competitor-likely-to-go-much-higher-says-top-crypto-trader-heres-why/