SEI Crypto Buying Opportunity? Analysts Make Their Case

Sei Network (SEI) was among the best-performing cryptos in fundamentals. However, most coins lagged in price. The massive declines in prices of most assets put them at substantial discount levels. With this, more analysts are eyeing a rally to the upside to follow.

CT analysts Lucky and Michaël van de Poppe outlined their reasons for going long on SEI crypto. They highlighted current market conditions as the perfect time to enter. However, their view was not the absolute truth, as the markets have been behaving differently recently.

On-chain data was backing a bullish market for the altcoin, but its price lagged. Is it really time to accumulate SEI crypto, and if so, why?

SEI Crypto Setup: Is Price About to Break Out?

Lucky, who has a massive following on X, highlighted SEI crypto as an interesting setup. He pointed out its potential to attract traders at this stage. As per the daily chart analyzed by this trader, the SEI crypto price was above a key support level.

Moreover, the price action was at the apex, which meant the accumulation was nearing its end. The falling wedge pattern could ignite a bullish trend since the price tends to expand after contraction.

The top of these multiple accumulation patterns on the trader’s chart was at $0.70. This automatically became the target area in case the price sprang out bullishly.

Conversely, breaking below the support level would extend the bearish control that has been in place for the last month.

Analyst Says, “It’s Time To Buy SEI”

Michael van de Poppe seconded what was predicted by Lucky about SEI crypto being at a great accumulation zone. The analyst also noted that the target zone at $0.70 or slightly higher remained on the cards.

The analyst backed this prediction based on the correlation between business cycles and altcoins. In his post, Michael wrote,

“If you believe the thesis is that the 4-year cycle doesn’t exist and there’s a strong high beta correlation between the business cycle, the overall state of the economy & #Altcoins. Then this is your time to buy. $SEI is on a massive support level here, and I do expect this thesis to play out, as it’s data-driven.”

However, the data on trading still showed that sellers’ volume had not disappeared. This served as a warning not to blindly follow the signals until a clear break in the market structure was evident.

As the analysts remained bullish while encouraging traders to accumulate now, the fundamentals were also aligning. Michael actually stated that the positive data that SEI was generating would be its driving force.

Data That Could Drive SEI Crypto Price

On the on-chain front, the SEI chain was accounting for about 15% of the users in the entire crypto sector. The whole sector had more than 560 million, with Sei Network accounting for 81.5 million of this total.

This showed that SEI was pulling a lot of users due to its fees and speed. They were challenging top chains like Ethereum (ETH). ETH was relatively expensive compared to the SEI blockchain.

That was not the end, as SEI crypto flipped MOVE in terms of DEX volume with $24 million against $13 million. This was almost double in magnitude. Thus, the total volume in the last two days exceeded $200 million.

In conclusion, the SEI crypto market had an interesting price structure that was screaming accumulation. However, this was not certain, as prices were yet to flip bullish.