A top analyst has identified several cryptocurrencies that show potential for an uptrend. The analyst, known as The Flow Horse, has a significant following on the social media platform X. In this article, we will explore the analyst's insights on three cryptocurrencies: Sui (SUI), Solana (SOL), and Chainflip (FLIP).
According to The Flow Horse, Sui appears to have ended its downtrend and is now in the early stages of an uptrend. The cryptocurrency has broken out from a rounding bottom reversal pattern, which is a bullish sign. The analyst recommends being aggressive with cryptocurrencies that have rounded out in the last six months and have retaken key volume levels. At the time of writing, Sui is trading at $0.65.
The analyst believes that Solana is also poised for an uptrend. Market participants have shown interest in accumulating the cryptocurrency during a recent dip. The analyst describes this correction as bullish and states that the spot market is buying everything. Solana is currently valued at $58.30.
Chainflip is an automated market maker (AMM) that aims to provide low slippage for native cross-chain swaps. The Flow Horse has added Chainflip to their watchlist, anticipating more rallies as the cryptocurrency gets listed on additional exchanges. At the time of writing, Chainflip is worth $6.04.
The Flow Horse comments on Bitcoin's recent rally to a new 2023 high of $38,189. The analyst believes that this rally may not be sustainable, as traders are selling their altcoins to participate in Bitcoin's upward movement. The analyst expects Bitcoin to face challenges in maintaining its momentum above $40,000.
In summary, The Flow Horse has identified Sui, Solana, and Chainflip as cryptocurrencies with potential for an uptrend. Sui has already broken out from a rounding bottom reversal pattern, while Solana has shown bullish signs during a recent correction. Chainflip is expected to see more rallies as it gets listed on additional exchanges. However, the analyst cautions that Bitcoin's rally may not be sustainable in the long term. Investors should conduct their own research and exercise caution when investing in high-risk assets like cryptocurrencies.
