The cryptocurrency market has been grappling with turbulence, and SEI (SEI) has felt the brunt of it. Over the past week, the token's value has plummeted by nearly 35%
Cryptocurrency markets have not been having the best of times. Among the tokens that have been hit hard is SEI (SEI). The token has lost close to 35% in the last week, reflecting the overall turbulence in the market. The token, which recently hit highs of $0.7351, has been on a steep downtrend ever since.
The token now trades at $0.3903, reflecting a 21% loss in the last 24 hours alone. This steep drop follows the broader market reaction to Bitcoin’s recent price decline, which triggered a sell-off and panic in the market. But the token’s trading volume, on the other hand, tells a different story, rising by 21% to show renewed interest and possible accumulation.
SEI Eyes $1.05 Breakout, 138% Gain Possible
Despite the recent troubles, there is some optimism that the token might still be able to recover some of its losses. Some market observers believe that the token has the potential to rally strongly, and there are some bullish formations on its price chart.
Prominent crypto analyst Javon Marks had some good news regarding the direction of SEI’s price. According to the analyst, the token is forming a key bullish formation that, if confirmed, could lead to a breakout rally to a target price of $1.05288. This move would be significant and see the token gain 138% from its current price.
While this recovery may seem steep, such analysis has instilled some hope in the token’s investors. The continuous rise in its trading volume also lends credence to the speculation that the current dip could be an opportunity for accumulation before a possible rally.
As it stands, all eyes will be on SEI as it attempts to navigate this difficult period, and the possibility of a recovery will be watched closely throughout the market.
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