Coinspeaker
SEI Network Sees Sharp Recovery: Can SEI Price Hit $0.50?
As one of the only few cryptocurrencies maintaining its green color, SEI
SEI
$0.28
24h volatility:
3.1%
Market cap:
$1.32 B
Vol. 24h:
$149.98 M
has increased by 5.62% over the past 24 hours. Currently trading at a market price of $0.2854, SEI has gained 21% in the past 7 days.
The DeFi token has reached a market cap of $1.32 billion and signals a potential recovery ahead. Will this recovery run drive the SEI prices to the $1 milestone?
SEI Price Action: A Strong Breakout in Play?
In the daily chart, the SEI price trend showcases a double-bottom reversal gaining momentum. With the bullish turnaround, SEI price has surpassed the long-coming resistance trend line with a surge of bullish momentum.
With the increasing buying pressure, SEI price nears the $0.30 psychological mark. Currently, the intraday candle reveals lower price rejection from the 24-hour low at $0.2667.
Furthermore, the lower price rejection in the intraday candle after the trendline breakout rally hints at a potential surge to the 23.60% Fibonacci level at $0.3325. With the increasing buying pressure, the MACD and signal lines maintain a positive alignment.
Furthermore, the continuous surge in bullish histograms reflects the increasing bullish momentum. The recovery run has also surpassed the 20-day EMA and is heading to challenge the 50-day EMA line at $0.30.
The 100- and 200-day dynamic exponential moving average lines are at $0.36 and $0.39 respectively. As the uptrend continues, the Fibonacci level spins the potential price target at the 38.20% Fibonacci level near the 200-day EMA line at close to $0.40.
Hence, the short-term analysis reveals an upside potential of more than 40% in the SEI price trend.
SEI Network Sees Explosive Growth in Activity
As the DeFi token gains bullish momentum, the network activity witnesses a significant surge. SEI network’s total value locked (TVL) has increased to $210 million after dipping to $166 million on February 8.
Similarly, the decentralized exchange (DEX) volume over the SEI network has increased to $18.2 million, while the daily transactions have surpassed the 4 million milestone. The daily active addresses over the network have increased to 335,000, signaling the increasing interest of crypto users in the SEI network.
Analysts Predict SEI’s Bullish Rally to Continue
Michael Van De Poppe, a crypto analyst, highlighted SEI as one of the few crypto to show strength amid market pullback. As SEI token price absorbs the increased liquidity and takes its bullish reversal, the bull run is expected to continue with increased momentum. The analyst wrote:
“I am expecting that after the liquidity has been taken, the low should be in.”
If the altcoin has confirmed marked the bottom, the bullish reversal is expected to create a new swing high.
Falling Wedge Breakout: How High Can It Go?
Furthermore, Jonathan Carter another crypto analysts has highlighted a falling wedge breakout rally in the SEI price trend. As per his 12-hour time frame analysis, the SEI token is currently in the lower trading volume zone.
Token has broken out of the falling wedge pattern on 12H timeframe with successful retest🔍
Now expect price to move towards targets at $0.290, $0.335, $0.375, $0.435 and $0.500🎯 pic.twitter.com/x9jTqL0vaG
— Jonathan Carter (@JohncyCrypto) February 23, 2025
As the post-retest reversal gains momentum, the uptrend is likely to reach higher targets. The analyst highlights potential price targets extending from $0.29 all the way to the $0.50 psychological mark.
SEI Network Sees Sharp Recovery: Can SEI Price Hit $0.50?
