Three Cryptocurrencies That May Face a Potential Decline

A well-known crypto strategist believes that three altcoins, including the Layer-1 project Sui (SUI), are currently in a significant downtrend.

Altcoin Sherpa has expressed concern about SUI, the smart contract platform Near (NEAR), and the AI-focused project Artificial Superintelligence Alliance (FET), indicating they are all experiencing bearish conditions.

Sherpa points out that these coins face challenges due to a volatile Bitcoin environment and ongoing supply releases, which could further impact their performance. He advises caution, noting that many of these assets are entrenched in a downward market trend.

Currently, SUI is priced at $0.575, down from its peak of $2.17. FET is trading at $0.852 and shows signs of bearish patterns with lower highs and lows. NEAR, valued at $3.59, has recently displayed two consecutive lower highs on its weekly chart.

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Despite his bearish outlook on these altcoins, Sherpa remains optimistic about Bitcoin (BTC) and Ethereum (ETH) in the long term. He expects BTC to reach new all-time highs later this year and predicts significant gains for other cryptocurrencies in the fourth quarter, citing historical trends and potential ETF impacts on Ethereum.

Alexander Stefanov