Trader Turns Bullish on Altcoin Amid Breakout of Accumulation Range, Maps Path Forward for Sei and Gala

Trader Turns Bullish on Altcoin Amid Breakout of Accumulation Range, Maps Path Forward for Sei and Gala

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A widely followed cryptocurrency analyst and trader is expressing bullish sentiment on a top-30 altcoin by market cap.

The trader pseudonymously known as Altcoin Sherpa tells his 212,600 followers on the social media platform X that Internet Computer (ICP), a blockchain project whose aim is to replicate the internet’s speed, power and scale on decentralized networks, appears to have completed a consolidation period that begun earlier in the year.

“ICP: This looks like it’s finished its multi-week accumulation period, it’s time to go.

This is one to actively trade for the next few weeks in my opinion.”

Source: Altcoin Sherpa/X

ICP is trading at $19.40 at time of writing, up by around 72% in seven days.

Next up is the layer-one blockchain Sei (SEI). Altcoin Sherpa says that he expects SEI to continue trading in a range that started forming 83 days ago.

“SEI: Nearly three months in this trading range with some deviations to the upside. Expecting more chop on this one for a bit.”

Source: Altcoin Sherpa/X

SEI is trading at $0.845 at time of writing.

Next up is the native token of the Gala (GALA) blockchain gaming platform. Altcoin Sherpa says that GALA, which is 92% below its all-time high price of $0.825 reached in November of 2021, presents an attractive upside opportunity.

According to Altcoin Sherpa, the risk-reward ratio of Gala is “not bad”.

“GALA: Some of these coins have a long way to go to former all-time highs. Not saying they’re going to get anywhere close to it but the upside is definitely good if these projects still have some money in the bank + catalysts + kept building in the bear market.”

Source: Altcoin Sherpa/X

GALA is trading at $0.065 at time of writing.

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