Soralis Weekly [5/2/24]
Soralis Weekly [5/2/24]
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: New Week, Disgusting Chop.
On the weekly time frame, We’re considered to still be trending upwards provided that we are just printing our first higher low of the year.
On the lower time-frame, We’ve been in a downtrend since tapping our local top 73k. We can expect a move towards resistance IF we break the trendline.
Calling it how i see it. This is a breakdown of support and market structure has shifted towards the downside.
Bullish Scenario: This is simply a move down to sweep the liquidity in the weekly timeframe (3 Days left before close) Then a strong bounce upwards follows.
Bearish Scenario: We have a bearish weekly close. We target 52k from there.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 but quickly reclaimed it after bouncing off the trend-line.
We have now re-visited that same trend-line. A bounce from here means strength for the entire ALT market. A breakdown would mean blood as we search for our next support located at around 525B.
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.
A beautiful hammer candle is being printed as we wait for the 3 day close. Looks bullish to me.
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: One of the Stronger-looking ALT charts for now. Especially awaiting the V2 catalyst set to come within a few weeks.
Last week, we finally showed strength and broke the LTF downtrend. We also reclaimed the range and successfully re-tested the support zone.
However, in coordination with the entire ALT market, we’re losing our support zone and seeing a lot of blood.
A bullish scenario to me would be to see a reclaim of support or atleast a bounce that shows price action of higher lows.
Keep in mind though that as long as $BTC and ALT sentiment is bearish, there will be no buyers. Study $BTC Dominance.
I strongly believe that the V2.0 Catalyst is not yet priced in, especially given that SEI FND has not made any announcement regarding a target date or anything.
I also strongly believe we will be find support and look towards higher in anticipation of V2.0, then even higher as long as the launch execution is successful.
If you plan to bid, wait for retracements. 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”.
Purely based on price action, $SEIYAN looks like a very attractive R/R buy from here.
Bottom was formed, Trendline has been broken.
Market Structure Shift to the upside is also clearly evident with the higher-highs and higher lows shown. (Marked in blue)
We’re still 280% away from ATH and as far as I know, $SEIYAN will be easy to migrate to V2.0 according to their dev.
I’d love to see a bounce from support here to confirm bullish price action before twapping an entry.
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.
If you have belief in the dog, NOW is the best time to buy. I find it hard to imagine to find a cheaper entry than this one as we’ve already hit a point of seller exhaustion.
R/R wise, $SEIYAN has already pumped 120% from the lows and is currently 280% away from ATH.
$MILLI is a 840% pump away from ATH so it has 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.
Each team is engaged and dedicated to their project’s success. I anticipate positive outcomes for both as the v2 cycle starts up too.
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.
Nothing new from this end. Volume and activity still very low.
We would average around 1.5k sales on Pallet daily back in March. We’ve steadily declined from that ever since April began, we’re currently at 249 sales per day.
The charts speak for themselves as there’s been a clear lack of interest and activity in our ecosystem, leading to a strong lack of buyers.
Seeing the dip in volume isn’t ideal, but markets cycle through phases and right now, liquidity is elsewhere.
Maybe this tells you to be bearish. This tell me that we’re early.
Instead of feeling down and adopting a bearish stance, consider this an opening. It’s an opporutnity to get your positions set, to start building up your holdings.
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.
ALIVE1111 takes the stop spot. I expect them to continue being a relevant project beyond V2, purely for art and provenance.
Our OG Project, The Colony, still hasn’t concluded their downtrend. A lot of community members are also awaiting a statement from the team.
Cappys 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.
Age of Estates: [Post-Mint]
27 $SEI FP.
Low Supply, Alpha Group.
Why?
They’re an alpha group/DAO that focuses on multichain airdrop hunting.
Their founder, Kvara, is the driving force of the project who provides the airdrop farming alpha.
Kvara is fully doxxed on IG and with @Cosmarchs, Spent 3 years in Web3 as a community member then collab/community manager roles.
They also have a dashboard specifically for airdrop alpha. This same dashboard has a chat function where holders can talk to one another.
They will soon add multichain alpha callers, an announcement page on their dashboard and an AI art studio.
I have yet to try the dashboard myself and I look forward to do so. I do think that the dashboard looks REALLY cool and will be useful.
Kvara is also a member of the SeiPunks team, I’m not a fan of being a team member of two projects but Kvara has a good community behind him so I’m excited to see how he manages this.
I hold 4 myself and I do believe in the potential. Low supply means exclusivity and the buy-in price is pretty low considering the amount of money you can make if you farm the right airdrops.
Founder: https://x.com/KvaraX77
Socials/Portfolio:
https://x.com/ageofestates
https://pallet.exchange/collection/age-of-estates
https://pallet.exchange/collection/estates-legends
SeiFuckers: [Post Mint]
36 SEI FP
One of the loudest and most active communities on $SEI.
Why?
SeiFuckers are focused on $SEI culture and building a strong community. (Branding Project)
The name comes frome meme culture and degen behavior.
They built YrrrLabz which is a platform to play around with your NFTs Identity. (I had fun)
They’ve also built a YrrrMeme Machine and hope to incorporate other projects on it.
Currently still focused on Meme Communities and fostering a nice culture here. But have tools planned in the future as well.
Team comes from Web3 natives, Music producers and an artist/dev combo.
I love the SeiFuckers. They’re one of the loudest communities that have been extremely active during the $SEI mini bear market the past couple of months.
I personally hold 5 and I plan to add more during dips. The thing with branding projects is that the art, the culture are all relative. The best branding projects are nothing without their strong communities. SeiFuckers has one of the BEST communities on $SEI and I’m willing to bet on that.
WEBSITE :
https://yrrrrrlabz.vercel.app/
YRRRRRMEME : https://yrrrrrlabz.vercel.app/yrrrrrmeme
LICENSE CARD :
https://seindicate.com/fucker
https://x.com/SeiFuckers
https://pallet.exchange/collection/sei-fuckers
SEI Relevant News
@warpbois now displays overall market volume on its platform.
@SeiFuckers introduced the yerrrrmeme machine.
@OutlinesSEI officially airdropped digital trading cards to holders.
@x2y2_pro announced that V2 will be launching soon.
@SeimuraiSEI is enabling users of the Seimurai Bot to link SEI and BASE wallets for a $KATANA airdrop.
@OrochiNetwork has joined the Sei ecosystem.
@GrapesSEI is preparing to launch its Pixel Grapes collection.
@SeiMutants has launched Holders-Only raffles on Mutant Hub.
@compass_wallet now allows users to swap for SEI directly within the wallet.
@BullsonSEI dropped a new tool for sorting NFTs by price and rarity.
@remosworld has become an official company and plans to release its first book on Amazon in July.
@gamblino_app is set to drop the first native gaming token on V2.
@SeijinApp updated the Seijin staking form for better user experience.
@redmiliosei unveiled a teaser trailer.
Since January, Sei Network has gained over 542k new users.
@AntSwap_ has officially launched its platform.
@Balancer will be integrated into SEI through JellySwap.
@jlyvrs distributed 1.8 million $JLY tokens to airdrop participants and announced seven unique NFT challenges.
@seiyantoken9000 developer confirmed that $SEIYAN will be available on V2 with just one line of code.
@FudFoxes announced the FoxyLend mechanism.
@Pallet_Exchange has made it possible for users to trade with @phantom and @MetaMask.
@PixiesIncNFT is gearing up for a hybrid NFT launch on Solana.
Staking is now active at @CappysNFT, allowing holders to earn $FAT.
@SeipesNFT is under new management.
@jlyvrs plans to release its tokenomics this week.