Soralis Weekly [5/10/24]
Soralis Weekly [5/10/24]
Disclaimer: We ourselves are also traders and investors. We also execute on most (if not all) of the plays that we share as alpha. Hence, it could also be assumed that we are holders and have a bag of majority of the projects mentioned below.
Disclaimer: All insights and perspectives shared are of our own. Remember that none of this is to be considered “Financial Advice”. We are not to be held liable for any of your investment decisions.
Broader Market Overview:
$BTC: Range Reclaim = Bullish!
Last week, we were monitoring BTC’s weekly close because we saw a huge breakdown of support which served as a shift tof market structure to the downside.
It’s now evident that it was simply a bear-trap or what we call “deviation” from the range.
Reclaiming the 60–70k range is a huge sign of strength and a signal that we really should be aiming higher from here.
That false breakdown was a clear rejection of lows. $BTC does not want to go lower.
We also broke out of the downwards trendline that has been haunting us since we topped out back in early April.
I’d like to see if this classic break and retest pattern plays out to confirm the shift to the upside,, otherwise… I don’t mind continuing the chop.
Above Orange Zone = Sentiment turns giga bullish.
Below Orange Zone = Sentiment turns bearish and we target 52k.Again, accumulation isn’t a problem. Retracements are healthy, Chops are good.
I still believe this is one of the final “accumulation” ranges for $BTC. The longer it accumulates, the more bullish.
$Total3: Total3 is the entire Crypto Market Cap Excluding $BTC, $ETH. It’s a good indicator of what’s happening to the ALT market.
As this is a higher timeframe, the moves will vary much less on a weekly basis.
Last week, we broke down our local support and we were monitoring heavily if we would bounce from the trendline or not. “A bounce from here means strength for the entire ALT market”
We bounced and reclaimed our support of the 640B range. Again, this is a strong sign for ALTS. As long as we hold these levels then our mid-caps should perform well over the course of the year.
We have yet to get past the 770B mark which was our high for this cycle. If you think your alts were already valued high back in February, Aim higher.
Again, this is a strong sign that ALTS have a long way to go. We are currently more than a 80% gain away from ATH. Price Discovery begins from there.
As long as $BTC is still consolidating, I expect the same for the rest of the ALT market. (Except a few outliers.)
One of the best time to get positioned for ALTS are when $BTC has strength and dominance over the market. Because liquidity ALWAYS ends up trickling down to riskier, and riskier asset classes.
$SEI: Decision Time is coming for the red chain.
Last week, we broke down from support and we were aiming for a reclaim. We are currently in the same “mini-chop” phase and still awaiting for price to make its’ decision.
Additionally, I think it is “decision time” because I’ve been hearing statements (or mere rumors) that $SEI v2.0 should be launching mid-late May. Which makes sense to me from a strategic marketing perspective.
I do think that V2.0 still isn’t priced in. Price usually leads fundamentals, I’d like to see a break of this downtrend line. If we break it before an announcement, then that would tell me V2.0 is already near. (It could also take an announcement to break this downtrend line too).
Also plotted out are areas of liquidity (marked in green) which we could potentially sweep first before we begin our rally to the upside.
Keep in mind though that as long as $BTC and ALT sentiment is bearish, there will be no buyers. Study $BTC Dominance.
I do think the parallelized EVM that v2.0 is a huge catalyst and a narrative that the red chain could ride for the entire year. Only few could say that they have a narrative as strong as this one. I am bullish.
Remember to buy red and sell green. Nonetheless, make sure you’re well positioned for V2 as it’s estimated to launch in the coming weeks.
$SEIYAN: One of the first memecoins on $SEI. Definitely our “OG”.
$SEIYAN still looks very attractive from purely an R/R standpoint from here.
Since finding a bottom, we have been on a slow grind upwards, many sellers were already shaken out from the longterm dump since topping out mid-March. ‘
Clear higher highs, clear higher lows. I don’t mind seeing the chop here because $SEI is still consolidating and waiting for the v2.0 launch.
This is the “accumulation stage” and there are only things you should be doing here… Buying or holding.
Still 250% down from ATH screams undervalued to me. Especially considering that they will be the first memecoin of the first parallelized EVM. That catalyst hasn’t even been priced in yet.
Expecting a run especially once a release date for V2.0 is announced, this is the most commonly known beta-play to $SEI so expect rotators to leverage their bets through $SEIYAN.
Why not frontrun them?
$MILLI: The fastest dog on $SEI. “The People’s Meme”
Since bottoming out when April began, we’ve been ranging inside the consolidation zone for almost a month now.
This week, we just broke down from that consolidation range.
First, I was surprised because I already thought $MILLI bottomed out and all the sellers were already shaken out.
Apparently, 2 sellers sold 8K USD worth of $MILLI in one transaction. I’m viewing this as the nail in the coffin or “bottom”.
I find it hard to imagine to find a cheaper entry than this one as we’ve already hit a point of seller exhaustion.
MILLI is definitely a riskier play compared to $SEIYAN simply because of the lower mcap and less popularity. It depends on your risk appetite on which you choose as your SEI beta.
$MILLI is a 1420% pump away from ATH meaning it has a much higher upside but $SEIYAN still has more recognition and momentum as of now. I personally believe both bets are a good beta play to $SEI.
Remember that all our memes and jpegs are leveraged bets on the $SEI ecosystem. No rallies will be made if $SEI disappoints. You should bid only if you believe in the future of $SEI.
NFT Market Overview:
Following the mini-run we’ve had from the NFT cycle back in Jan-Feb. Our ecosystem’s volume has still been in a downtrend while waiting for $SEI v2. There’s still a lack of activity and outside buy pressure for our jpegs.
No updates here — volume and activity are still extremely low.
To put it into perspective, in the week of Jan 26, we managed 57.6k Sales on Pallet Exchange..
This week, we had 1.79k sales.
The data is unmistakable: there’s a visible drop in interest and activity within our ecosystem, leading to a significant decrease in buyers.
It definitely stings to see this dip in volume, but markets go through cycles, and currently, the liquidity is just not in our space.
You might see this as a reason to be bearish. I see it as a sign that we’re still in the early stages.
Instead of getting discouraged and turning bearish, view this as an opportunity. It’s the perfect time to establish your positions and begin accumulating.
Warren Buffet and every other trader and investor didn’t get rich by buying tops. They got rich by buying bottoms.
Top Collections still taking up majority of 7D trading volume.
WeBump rightfully reclaims the top spot as the most traded collection this week. I’m extremely interested to see how these bluechip projects pivot to v2.0
Seipex Founder’s Pass pumps managed a few transaction this week which gave them the #2 spot, given that their collection is priced well.
CrossOver which is a branding/content-creating projects gets on the board as #3 with impressive volume, especially considering that they only launched yesterday. This 333 supply collection could really be something and is worth monitoring.
Cappys, SeiFuckers and Dob still consistently one of the top volume collections for $SEI. Seems like branding projects are holding a lot of mindshare.
An interesting metric to look at is “listed count” on the righthand column. The lower it is, the less sales needed for price to rise.
I am not worried despite the lack of activity and volume in our ecosystem. Rotators will eventually find their way to $SEI. The best thing to do now is to place your chips on builders and position yourself for the high influx of liquidity that will come with V2.
SEI Spotlight of the Week
Well-Deserved recognition as well to @AttentionToDe12 for helping us gather some of the data below. He is our main researcher at SoralisIO.
Seipex Finance: [Post-Mint]
1990 $SEI FP.
Sniping Bot, Low Supply (145 only)
Why?
Seipex is a sniping tool for $SEI. They were very successful during the mini memecoin mania back in March.
Holders were able to snipe tokens much earlier than others could even find the contract address to add it to their compass wallet. I can definitely confirm that their tools are high tier.
Fun Fact: Their founder, hackerzero, is an OG who came the LTC and DOGE era of Crypto and he was convinced by the dev of FFF (Famous Fox Federation) to create a sniping bot on SEI.
Now, Seipex exists as the FIRST ever sniping tool on BASE, where they are seeing a lot of success.
They chose Base because it automatically gives their tools EVM compatibility (ETH, BLAST, ARB) and eventually $SEI v2 compatibility.
They started off as a “rugchecker” tool to validate memecoin safety but moved towards sniping as it was much more profitable for the holders.
How to access Bot? EITHER
- Hold 1 Seipex NFT
- Hold 69Million $SPEX ($0.00002156 x 69Mill = $1,487.64)
Holding NFT Benefits:
- Access to Sniping Bot
- Receive royalty from bot tx that Token holders pay
SEI v1 Sniping Bot features:
- Can snipe any Cosmos Chain
- Scans new token deployment before they reach aggregators or chart sites
- Purchase token that fit criteria
- Alerts for LP Burns, LP Locks, Whale Buys/Sells
- Set Play size to encourage risk management
Seipex is doing all the right things and I can definitely say I’m a huge fan of their work so far. Kinda coping that I wasn’t able to cop an entry when prices were much cheaper but it’s never too late.
I’m a huge fan of their decision to build the sniper for BASE as to not just be stagnant as a project and also be ready for SEI v2 in the process.
I recall numerous times of being early to a coin but the bot will always be earlier. Seipex is definitely a net positive for the Infrastructure of our meme ecosystem.
Team: (Discord)
Founder + Dev — hackerzero
Co-founder + Dev — parsdextra
Socials/Portfolio:
https://x.com/Seipex_Fi
https://seipex.fi/
https://pallet.exchange/collection/seipex-pass
BEEFonSEI: [Post Mint]
24 SEI FP
Meme and Culture Play. First project of S3 Labs.
Why?
Team is mostly from BullsonSei team. A project that has been killing it lately.
Roy, IfyouSei and Samwise are all from the Bulls team who has been constanly providing value to their holders.
so how is beef any different?Beef is the genesis mint of S3 Labs which is going to be an incubator for future projects in our ecosystem.
S3 Labs will help projects get exposure, twitter spaces, collabs and all the other parts of building an NFT project.
BEEF was a free mint and a meme that refers to the SEI community drama that always seems to be present.
They continually lower the community’s expectation by claiming they’re a “rug”,, but they’re really building behind the scenes.
I never faded BullsonSEI. We saw them at 15, 20, 25 and they’ve always beat the expectations and aimed higher.
I am not going to fade this team, I consider Roy to be one of the industry leaders when it comes to Spaces on X. Having him around continually gives Beef exposure on the social aspect.
It’s a low-cost entry and the risk is very low. This is a play that I’m taking.
Roy also required me to include this meme. That I will.
Team: (Discord)
Founder — p3ni5envy
Co-founder — friedlegend
Socials/Portfolio:
https://x.com/beefonsei
https://x.com/s3_labs
https://pallet.exchange/collection/beef
SEI Relevant News
The security of Sei v2 has been confirmed through an audit by Zellic.
A collaboration between Silo Stake and Dragonswap aims to boost DeFi opportunities in V2.
Pallet Exchange will support trading via MetaMask and Phantom following the V2 launch.
The multi-chain marketplace x2y2 has confirmed its impending launch on SEI.
Bancor is set to launch CarbonDeFi within the Sei ecosystem soon.
A teaser trailer has been released by a new project, Redmiliosei.
The SEIYAN token has heralded the return of The Seiyan Wars.
Seilamis organized the largest charitable initiative in collaboration with SEI Opal via its platform BLCKMRKT.
SappySealsNFT is launching a collection on Sei — Seals x SEI.
Remosworld is airdropping Pizza Day Edition digital collectibles to holders.
SeiMutants has introduced their mint bot and revealed their NFTs.
FudFoxes has released details about their NFT-FI platform, Foxylend.
A new staking platform from SeiGoblins has been showcased in a recent video.
Beefonsei has been included on the BullsonSEI dashboard.
Seilluminati has announced an upcoming multi-chain partnership.
Sei_Ninja is launching the first-ever self-service stake on Sei.
OrbitersNFT revealed their next partner, Sold531, for the upcoming CW-1155 Orbits collection.
TheSeiWhales are creating hunters art with 162 unique traits, set to be featured at launch.
KatzNFTs is testing The Luck Club with its team and community.
Seipex_Fi has presented a new design for their platform.
Redmilio is coming to SEI.
That’s all. Redmilio.