SEI Token Poised to Break into Top 50 Cryptocurrencies, Mimicking SUI's Bullish Momentum

Since its debut a little over a year ago, the SEI token has seen remarkable growth and is on the verge of breaking into the top 50 largest cryptocurrencies by market capitalization.

Cryptocurrency SEI (SEI) has experienced significant growth since its launch over a year ago. The altcoin is poised to join the top 50 largest cryptocurrencies by market capitalization.

Over the last 24 hours, SEI has been among the best performers, registering a double-digit price increase.

In a recent analysis shared on the X platform, prominent crypto analyst Ali Martinez highlighted an interesting short-term price movement for SEI.

According to Martinez, the cryptocurrency is likely to continue its upward trajectory.

This bullish analysis is based on the formation of a bull flag pattern on SEI's price chart in the four-hour timeframe. The bull flag pattern is widely recognized as a strong continuation pattern for upward price trends.

The technical analysis shows a period of almost vertical upward price movement, referred to as the flagpole, followed by a slight consolidation period, forming the flag itself. While the bull flag pattern suggests a potential for higher trends, confirmation requires a successful breakout from the consolidation phase.

As observed in the chart shared by Martinez, the price of SEI has broken out of the consolidation zone, with a four-hour candlestick closing above the upper boundary. This recent price action suggests that the next target for the token is $0.65, which represents roughly a 20% rally from its current price.

At the time of writing, the SEI token is valued at around $0.53, reflecting an almost 16% increase in the past day. The altcoin, which had been relatively quiet throughout the week, is now up by nearly 18% over the last seven days, according to CoinGecko data.

This price movement brings to mind Martinez's earlier observation that SEI might be following in SUI's footsteps. As reported last week, Martinez predicted that SEI's price trajectory would align with the red-hot SUI token. Perhaps due to the similarity in their names, both crypto tokens exhibit nearly identical price paths.

In his analysis shared on the X platform, Martinez expressed his belief that SEI will follow in SUI's bullish footsteps, aiming for $1.6.

While SUI has outperformed many cryptocurrencies, showing over a 50% increase in the past week, Martinez seems confident that SEI will mimic this trend, re-asserting his forecast with a strong bullish sentiment.