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- SEI’s Total Value Locked (TVL) surged to ATH $228 Million.
- With strong bullish EMA alignment, SEI token may break $0.6200 resistance shortly.
Sei (SEI) crypto has been experiencing a consistent upward trend. That made it a potential contender for revisiting the All-time-high (ATH). Moreover, the SEI price recorded a four-day bullish streak, noting a rise of over 12%.
Amidst the recent gains, Sei Network’s investors remained optimistic that it could achieve this milestone before the end of 2024. The ongoing buying momentum and bullish market sentiment have positioned SEI token as a top-performing assets in the crypto space.
SEI’s TVL Rises Steadily: A Sign of Market Confidence
SEI crypto’s Total Value Locked (TVL) has reached an All-time-high of $228 Million. This showed a significant increase in investor confidence and chain usage.
Reaching new records highlighted more user engagement and confidence in the platforms’ security and potential. A growing TVL is often seen as a bullish indicator because investors are willing to commit their capital. This leads to an upward price pressure.
SEI Price At Press Time
At press time, the SEI price traded at $0.5796, recording an intraday rise of over 9.20%. Its market cap surged to $2.46 Billion, ranking 54th among the top crypto coins.
Alongside the price surge, the trading volume increased by over 45%. That demonstrated investor confidence in accumulating the SEI token.
The total supply of the SEI crypto stood at 10 billion. At the same time the circulating supply was at 4.25 billion.
Analysts are Bullish on the SEI Crypto
A recent tweet by Rose Premium Signals highlighted that the SEI formed an ascending triangle pattern. The token has approached the critical horizontal neckline resistance of $0.6000.
A decisive breakout above the resistance could propel the SEI price toward $0.7906, $1.022, and $1.229 in the short term.
Furthermore, Michael van de Poppe shared their bullish idea in his recent tweet. He said the SEI token price was inching closer to the red zone of $0.6000. He further added that a breakout above the red zone could fuel a potential rally toward the ATH level.
Per the Fibonacci retracement levels, the SEI price rested above the 61.8% level. Furthermore, it was close to the 78.6% level.
SEI Price Prediction: Decoding the Price Action
SEI price prediction represented a bullish outlook. It has been moving within the rising parallel channel and forming higher high swings.
The elevated EMA line alignment last week conveyed a strong bullish outlook for the following sessions. It was aligned with a golden crossover of the 20-day and 100-day EMA line
The Relative Strength Index (RSI) line stayed in the overbought zone, 65 at press time. It indicated that buying pressure outweighed the selling pressure.
Moreover, the Chaikin Money Flow (CMF) indicator reading of 0.24 conveyed a surge in liquidity. That represented bullish cues. The Open Interest has risen over 15.04% to $233.90 Million, highlighting prolonged buildup activity in the past 24 hours.
The immediate support zones were $0.5500 and $0.5380. At the same time, the upside barriers were $0.6000 and $0.6320.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
