A popular crypto analyst is expressing bullish sentiment on one recently launched Ethereum (ETH) competitor.
Pseudonymous crypto trader Altcoin Sherpa tells his 11,000 YouTube subscribers that the native token of layer-1 blockchain Sui (SUI) is set to pump.
“I actually do think this is going to pump really hard to be frank and honest with you. I don’t know when or where…
The overall float on this token is really really really small relative to the overall supply and it’s easy for market makers to manipulate this thing.
So to be frank and honestly like buying around a buck or something like that would probably be pretty profitable.”
Sherpa says that SUI is likely to plummet by over 20% if the price of Bitcoin (BTC) falls.
“If Bitcoin makes another leg down, which you should obviously take into consideration if you are trading any altcoin whatsoever, then this is going to go lower. That’s just the bottom line.
It’s going to go to like the $0.80 – $0.82 area or something like that for the next level down.”
SUI is trading at $1.13 at time of writing. Sui blockchain launched its mainnet earlier this month.
Turning to Pepe (PEPE), Sherpa says the controversial memecoin is currently enjoying high trading volumes as it ranges between $0.0000015 and $0.0000020.
“This is a very very strong area in my opinion lots of volume being transacted around this area uh probably not a bad idea for a swing long but again it’s really going to depend on Bitcoin.”
Pepe is trading at $0.00000164 at time of writing.
Turning to blockchain oracle network Chainlink (LINK), the pseudonymous analyst says the 22nd-largest crypto asset by market cap will present a buying opportunity once it breaks out of the long accumulation zone.
“I’m not going to buy this one personally until it breaks the range high. So around $9.15 or something like that…
I believe that link will go strong because it’s chopped around in the accumulation mode for like a year. This is like a long accumulation period and I do believe it’s going to be strong once it actually does start to move.”
Chainlink is trading at $6.46 at time of writing.
Generated Image: Midjourney
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