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Cryptocurrency News Articles
SEI Price Explodes, But Will SEI Mirror SUI and Solana’s Runs?
Sep 25, 2024 at 02:13 pm
Wednesday belongs to SEI, at least so far. The price exploded over 27%, which means SEI is now trading around $0.46.
Sei Network (SEI) has seen an impressive 27% price surge over the last day, bringing the cryptocurrency to trade around $0.46, outperforming the broader market.
Sei Network (SEI) is now the 116th biggest cryptocurrency by market capitalization, with a total market cap of around $1.6 billion, putting it in the ranks of Layer 1 networks such as SUI, Solana (SOL), and Near Protocol (NEAR).
Sei Network (SEI) is often compared to SUI, and some even call it a direct competitor and clone of the Layer 1 network. Both networks are designed to be high-throughput and low-latency Layer 1s, capable of handling thousands of transactions per second (TPS) at minimal cost.
However, Sei Network (SEI) is still relatively new and has a lower market capitalization than SUI. SUI is now trading around $1.67 with a market cap of over $4.5 billion, while Solana (SOL) is a massive-cap project with a market capitalization of around $70 billion.
Comparing Sei Network (SEI), SUI, and Solana (SOL) Price Action: A Technical Analysis
One interesting analysis was shared by the analyst ‘Donovan Jolley,’ who compared the charts of SEI, SUI, and SOL, revealing some striking similarities in their price patterns.
Starting with Solana (SOL), the chart shows an exponential rise after a period of consolidation at lower prices, eventually leading to a massive breakout and rapid price increase. This suggests that SOL’s potential was recognized early on, leading to a parabolic rally to higher prices.
Next, SUI’s price action mirrors the early pattern of SOL, with a wave 1-2 structure hinting at a potential bottoming process. Currently trading around $1.67, SUI shows signs of recovery and may be preparing for a larger impulsive wave if conditions remain favorable.
Finally, SEI also presents a wave 1-2 structure similar to SUI and SOL. After a significant correction, SEI is showing early signs of a potential recovery, trading around $0.46. If SEI can maintain support around the $0.368 level and continue to break resistance levels, it could potentially mirror SOL’s past bull cycle.
The wave 1-2 pattern is a critical formation indicating a potential reversal after consolidation and bottoming out. Both SEI and SUI display these characteristics, suggesting the possibility of upward movement.
Sei Network (SEI) price resembles Solana’s (SOL) pre-breakout structure during the 2021 cycle, forming a base and showing a gradual rise.
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Viral Tweet Highlights Bullish Indicators for Sei Network (SEI) Price
In a recent tweet about SEI, “Cryptoinsightuk” shared some bullish indicators for the cryptocurrency. The price has clearly broken out of a short-term consolidation range, with recent swing highs around $0.4164 and $0.3719. This breakout appears impulsive, often considered a strong bullish signal.
The sharp rise in price from its lows to around $0.4594 suggests strong buyer control. This upward momentum could potentially continue if the resistance zones hold as new support.
$SEI looks interesting here.
I was looking around at ALTs and $SEI looks good.
Breaking out of ST range, breaking recent swing highs on an impulsive move.
Open Interest rising as funding stays negative (probably more shorts than longs) = setting up for a short squeeze?… pic.twitter.com/fPOPnF0YC1
Open Interest (OI) in the SEI futures market is rising, indicating an increasing number of positions being opened. This is generally seen as a bullish sign when coupled with price increases, as it shows strong participation in the rally.
What’s interesting here is that the funding rate is negative (-0.017) which means that there are more shorts than longs in the market. This sets up the possibility of a short squeeze, where traders betting on price decreases and might be forced to cover their positions by buying back, potentially accelerating the SEI price upwards even further.
The significant increase in spot volume (109.493M) shows strong demand for SEI in the spot market. High spot volume backing a price move is often a strong confirmation of real demand, reinforcing the idea that the rally could be sustained.
Read also: Watch This XRP Price Level Closely as Indicators Suggest Potential Surge for Ripple’s Token
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- Sei (SEI) Token Jumps 25% as the Layer-1 Blockchain Gains Traction Among High-Frequency Crypto Traders
- Sep 25, 2024 at 06:20 pm
- The SEI token has broken out of a falling wedge pattern, a technical setup that typically signals further upside potential.
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