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I was 98.6% invested at the end of last month, with Ethereum and Solana put together accounting for little under 75% of my crypto portfolio. I continue to favor ETH and SOL, but on further analysis of the price action and overall crypto market sentiment, I have changed my views on the favorites list I put together in April.
I am removing:
Sei (SEI) because I think the AI bubble is done.
Quant (QNT) because the token has given too many false momentum signals only to reverse lower. There are only so many whipsaws I can take before giving up on a trade.
Chainlink (LINK) due to lackluster price action, a common affliction among alts that survive several crypto cycles. Crypto investors gravitate to "new and shiny", so any coin that fails to gather momentum at the beginning of a bull market gets left behind.
Tron (TRX) - Fees for sending USDT on Tron are now higher than on Solana. That's a sign of adoption, but also a sign that the market will gravitate away from Tron. Ethereum survives as a high fee network because of its moat. Tron doesn't have the privilege. While I can see Tron being successful as a transaction medium, I no longer consider it investment worthy.
I am also downgrading Ordinal (ORDI) and Pyth Network (PYTH). Ordinals have upside, but the lack of interest in bitcoin itself is going to weigh it down. I much prefer accumulating Stacks (STX) on dips as the way to play the bitcoin cycle. The Pyth token has been left for dead - no investor interest - as a glance at the chart shows. I'd like to see momentum return, failing which I will drop it from the list entirely.
Good Trading!
Kashyap