Crypto analyst The Flow Horse noted that the rise of Layer 1 Blockchain competitor Sui (SUI) and an expectation of an increase in Chainflip (FLIP) in the beginning of the upward trend.
According to the anonymous analyst, on the social media platform X (formerly known as Twitter), Layer 1 Blockchain Sui’s native asset, SUI, ended its downward trend and shared that it emerged from a significant volume level dip formation.
The analyst stated that the price of Solana (SOL), a smart contract platform, began to accumulate after dropping to $52.21 and despite the correction, it was heavily bought in the spot market.
After SUI and SOL, The Flow Horse commented on Chainflip, the third altcoin in his watchlist. The analyst predicted that Chainflip, an automated market maker (AMM) aiming to provide cross-chain swaps with low slippage, could continue its rally as it gets listed on more cryptocurrency exchanges.
Finally, The Flow Horse, looking at Bitcoin (BTC), interpreted the cryptocurrency’s rise to $38,189 last week, which was the highest level of the year, as somewhat unsustainable. According to the analyst, investors triggered the rally by selling their altcoins to not miss out on BTC’s rise and profit from it.
Bitcoin rose last week despite altcoins. We usually expect such behaviors at major turning points due to those who don’t want to miss out on the opportunity in BTC. It will be quite challenging to push BTC above $40,000 and keep it there with such fuel.