A crypto analyst and trader, known as Altcoin Sherpa, is sharing his positive outlook on a competitor of Solana (SOL), as well as providing forecasts for three altcoins.

Starting with Sei (SEI), Altcoin Sherpa suggests that the native token of the layer-1 blockchain could be a good trade opportunity, as it is currently positioned at a crucial level. According to Altcoin Sherpa’s chart, SEI is resting on the 0.618 Fibonacci retracement level and is slightly below the 200 exponential moving average (EMA) on the daily chart. The Fibonacci retracement levels are important indicators used to identify support and resistance levels.

The analyst acknowledges that SEI’s performance will heavily depend on Bitcoin’s movement.

Moving on to the Pepe (PEPE) memecoin, Altcoin Sherpa’s chart shows that it is situated slightly above the 200 EMA and the 0.618 Fibonacci retracement level on the 12-hour chart. Altcoin Sherpa acknowledges that PEPE looks intimidating, but notes that many altcoins are currently at decent support levels. He suggests keeping an eye on whether these levels hold.

Altcoin Sherpa then shifts focus to the governance token of the decentralized finance protocol Ethena (ENA). The analyst reveals that he has accumulated ENA, as it appears to be at a potential reversal point, just above the 0.50 Fibonacci retracement level. This comes after a correction from the all-time high reached earlier in the month. Altcoin Sherpa expresses optimism about this level, considering the volatility of Bitcoin, but also acknowledges the possibility of being proven wrong.

Lastly, Altcoin Sherpa mentions Celestia (TIA), a blockchain that allows individuals to easily and affordably launch their own decentralized network. The analyst believes that TIA is currently an attractive option for accumulation, as it has demonstrated a strong recovery following a significant market correction. Altcoin Sherpa suggests considering a long position on TIA at this level, but acknowledges that it requires a high risk tolerance.

It’s important to note that the opinions expressed by Altcoin Sherpa are not investment advice, and investors should conduct their own research before making any high-risk investments in cryptocurrencies or digital assets.