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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

SEI Follows SUI; Token Charges Higher With 18% Rally — Is $0.65 Possible?

Opeyemi Sule
Opeyemi Sule
10 months ago
3 mins read
SEI

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A little over a year since its debut, the SEI token has experienced remarkable growth, looking to break into the top 50 largest cryptocurrencies by market capitalization. The altcoin has been one of the best performers in the past few days while posting a double-digit gain in the last 24 hours.

Crypto Analyst Says Token Is Heading To $0.65 — Here’s How

In a recent post on the X platform, prominent crypto analyst Ali Martinez put forward an interesting projection for the price of SEI in the short term. According to the pundit, the cryptocurrency seems ready to continue its upward momentum and movement.

This bullish forecast revolves around the formation of the bull flag pattern on the SEI price chart on the four-hour timeframe. The bull flag formation often serves as a strong continuation pattern for upward price trends.

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The technical analysis formation is characterized by a period of almost vertical upward price movement (the flagpole) followed by a slight consolidation period (the flag itself). While the bull flag pattern signals the potential for price to trend higher, it is necessary to wait for a successful break out of the consolidation for confirmation.

SEI
Source: Ali_charts/X

As observed in the chart above, the price of SEI appears to have broken out of the consolidation zone, with a four-hour candlestick closing above the upper boundary. According to Martinez, this recent price action puts the next stop for the token at $0.65, representing roughly a 20% rally from the current price.

As of this writing, the SEI token is valued at around $0.53, reflecting an almost 16% climb in the past day. The altcoin, which was mostly quiet all week long, is now up by nearly 18% in the last seven days, according to CoinGecko data.

Is SEI Following SUI?

Earlier in the past week, Martinez predicted that the price of SEI was soon going to follow the path of the red-hot SUI. Perhaps due to their similar names, these two crypto tokens have an almost identical price trajectory.

$SEI will follow $SUI… $1.60 next! pic.twitter.com/UA2a9hUSs1

— Ali (@ali_charts) November 11, 2024

It is worth mentioning that SUI, which is up by more than 50% in the past week, has been impressive long before positive momentum returned to the market. However, Martinez took to the X platform to share that SEI will follow SUI’s bullish footsteps — with $1.6 in its sights.

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SEI
The price of SEI on the daily timeframe | Source: SEIUSDT chart on TradingView

Featured image created by Dall-E, chart from TradingView

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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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