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ThecoinrepublicPrice AnalysisSEI Price Surges After Downtrend: Analyst Predicts...
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SEI Price Surges After Downtrend: Analyst Predicts 10x Increase

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  • An increase in trading volume and market cap highlights growing demand.
  • SEI price surged 35% after finding support at a key level, analyst predicts it could reach $5.
  • Bullish chart patterns and indicators signal a potential price increase.

 

SEI has displayed a robust uptrend and a downward trend in less than 12 months, that is from July 2023 to July 2024. At press time, the crypto was in a strong downtrend as it deteriorated to certain lows following a falling wedge pattern. Over the past three days, SEI surged nearly 35% to $0.3372, with a 1% surge in the last 24 hours.

Over the last 1 year, the asset has given its investors nearly 750% returns and witnessed solid profit booking, losing almost 75% of the gains. Despite all this, SEI is holding up more than 200% compared to last year’s low of $0.0974.

When writing, a 66.13% surge in the trading volume of the SEI was recorded in the last 24 hours. Meanwhile, the value of the spot traded volume for the asset was $208.936 Million in the last 24 hours.

Following this, the market cap value also escalated by 10.49%. SEI’s market cap at press time was $1.011 Billion, making it the 67th largest cryptocurrency in the global crypto market.

Additionally, it has 3.05 Billion (30.5%) of its maximum supply circulating in the market, which is followed by a total supply of 10.0 Billion SEI.

SEI Derivatives Data

The advancement in the price metrics of derivatives of SEI shows a surge in traders’ interest in the asset’s derivatives.

Meanwhile, an increase of 131.15% to to $380.43 Million was witnessed in the derivatives trading volume of the crypto over the last 24 hours from press time. This was followed by an increase of 30.78% in open interest, where the contracts were worth $81.55 Million.

SEI Total Liquidations Chart
SEI Total Liquidations Chart | Source: Coinglass

Moreover, the liquidation chart of the SEI highlights huge long liquidation over time, which depicts the price deterioration caused by the daily chart. Despite this, in the past few days, higher shorts were liquidated in SEI, amounting to $476.12K, while longs were only $157.54K.

Despite the Fall in SEI Price, TVL Reaches ATH

SEI’s total value locked (TVL), which is the total USD value of digital assets that are staked or locked on the cosmos blockchain, has been surging since the start of 2024. It has reached $81.1 Million as per Defilama.

Moreover, the rise in TVL of SEI crypto over time reflects that the higher TVL makes SEI more reliable and less risky. The TVL spike also showcases the changing dynamics of market participation, the increase in the demand for the SEI project, and the increase in investors’ willingness to stay invested.

SEI Price Analysis by Analyst Showcases A 10x Expectation

Analyst @CaptToblerone shared an optimistic tweet, where he shared his chart drawings of a 12-day time frame chart. The chart, showing intense utilization of various Tradingview tools, illustrated that the price could attain nearly 10x, running up to the $5 level.

The analyst-shared image also showcases that the price has shown a robust sustenance gesture. It has shown a liquidity grab on 12-D TF, which also goes by hammer candlestick.

Based on the analyst’s bullish perspective, the daily chart highlights sustenance characteristics at the $0.2546 mark. At press time, it was trading at $0.3293, approaching the 50-day and 200-day EMAs.

The RSI was at 45.57, taking a U-turn from the oversold territory of 30 and was heading towards 70. The MACD produced a bullish cross below the zero line, with a growing histogram at 0.0058.

If SEI breaks out from the falling wedge, it could face resistance from the $0.6000 and $0.7500 levels, respectively. Failing to cross the dynamic upper trendline could lead it to the demand zone at $0.2546 and $0.00974.

SEI crypto has undergone a volatile year but recently, it surged by 35%. Analysts predict a potential rise to the $5 mark. The price sustained at a critical level; technical indicators showcased bullishness and TVL showed increased trust in the project.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Nancy J. Allen
Nancy J. Allen
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and a minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
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