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A closely followed crypto trader is predicting that one Solana (SOL) competitor is gearing up for an explosive set of rallies.
Pseudonymous trader Criptopaul tells his 112,800 followers on the social media platform X that layer-1 chain Sui (SUI) has strong market fundamentals and massive upside potential.
He notes the total value locked (TVL) in Sui has been skyrocketing, which is sometimes seen as a bullish precursor for price action.
TVL refers to the amount of capital deposited within a protocol’s smart contracts and is often used to gauge the health of a crypto ecosystem.
He also says that memecoins built on the Sui blockchain, including BLUB and Fud the Pug (FUD) – potentially a bullish catalyst for the so-called “Solana-killer.”
“At this point a SUI run seems inevitable. TVL is literally exploding , the experience is totally smooth, and retail investors are coming in, memecoins are exploding as well, BLUB, FUD, STD just launched and volume is literally crazy.”
Sui is trading for $1.55 at time of writing, up more than 43% in the last seven days.
Next up, the analyst says that the Fed rate cut last week and a declining US dollar index (DXY) could send altcoins soaring.
The DXY is a metric that tracks the value of the US dollar against a basket of major fiat currencies. A plummeting DXY is often viewed as bullish for risk assets as it suggests that investors are spending their dollars to accumulate assets like stocks and crypto.
“Rate cuts, DXY down, risk appetite up, Bitcoin dominance down, ETH/BTC bounce back, altcoin bounce back…
The rate cut is a bullish event for risk assets. Get that in your head.”
He also suggests Ethereum against Bitcoin (ETH/BTC) – which is sometimes viewed as a bellwether for altcoin market strength – has bottomed around 0.0388 BTC and is gearing up for a massive breakout.
“Get ready to witness a quick return to the 0.06 level for ETH/BTC, at the pico bottom of CT (crypto Twitter) sentiment regarding it.”
ETH/BTC is trading for 0.04235 BTC ($2,681) at time of writing, up 3.47% in the last 24 hours.
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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.
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