SEI Token Surges 18% as Analyst Projects Price Target of $0.65
A little over a year since its debut, the SEI token is aiming to enter the top 50 largest cryptocurrencies by market capitalization, showing significant growth and achieving double-digit gains in the last 24 hours.
Crypto Analyst Predicts SEI Price Target of $0.65
Crypto analyst Ali Martinez projected that the price of SEI could continue upward momentum. His analysis indicates a bull flag pattern on the four-hour price chart, suggesting potential for further price increases.
The bull flag pattern consists of an initial strong upward movement (the flagpole) followed by a consolidation phase (the flag). Confirmation of this pattern requires a successful breakout from the consolidation zone.
The chart shows SEI breaking out of the consolidation zone with a four-hour candlestick closing above the upper boundary. Martinez estimates the next target price at $0.65, which is about a 20% increase from the current value of approximately $0.53, reflecting a nearly 16% rise within the past day and an 18% increase over the week, according to CoinGecko.
Comparison with SUI Token
Martinez noted that SEI might replicate the price trajectory of the SUI token, which has gained over 50% in the past week. The two tokens share similar price movements, leading to speculation that SEI could also reach $1.60.
$SEI will follow $SUI… $1.60 next! pic.twitter.com/UA2a9hUSs1
— Ali (@ali_charts) November 11, 2024
Featured image created by Dall-E, chart from TradingView