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SEI Tanks 9% Weekly, but Analyst Predicts 1,300% Price Surge
In the latest market development, Sei (SEI) has seen a significant decline of 9% over the past week. The token’s current price is trading around $0.28, leaving many wondering if this downward trend will continue or reverse course.
Despite the recent losses, one analyst believes that SEI may be on the cusp of a monumental surge in value. In fact, they are predicting an astonishing 1,300% increase in its price.
According to Ali Martinez, a prominent crypto analyst, there exists a striking similarity between SEI’s current chart pattern and that of SUI’s pre-rally setup. This comparison is intriguing as it could mean that SEI may be on the verge of a massive upswing, similar to what occurred with SUI.
As per the given data, SEI has now moved below its short-term support level and is trading near $0.28. Meanwhile, daily trading volume remains robust at approximately $209 million, indicating ongoing interest in this cryptocurrency despite the drop in value.
It is also worth noting that the futures market has witnessed a notable increase in activity surrounding SEI’s price movements. This spike in trading activity may be an indication of traders’ growing conviction in the possibility of a sharp upswing, potentially fueling the predicted 1,300% surge.
Furthermore, data provided by Defi Llama reveals that the Sei network has seen its TVL (Total Value Locked) increase by a staggering 7% within the past day. This marked growth is significant as it demonstrates the blockchain’s growing adoption and increasing liquidity.
In conclusion, considering the analyst’s prediction of a potential $1,300 price surge for SEI, investors will be keenly monitoring the token’s performance over the coming days.
Source: cryptopotato.com
