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

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As a seasoned crypto investor with over a decade of experience under my belt, I’ve seen my fair share of market fluctuations and trends. The recent surge in SEI has certainly caught my attention, especially considering its meteoric rise into the top 50 cryptocurrencies by market capitalization.

Approximately a year after its launch, the SEI token has seen significant growth and is aiming to join the ranks of the top 50 largest cryptocurrencies based on market capitalization. This altcoin has been among the top performers recently, recording a double-digit percentage increase within the last day.

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

Recently, well-known crypto expert Ali Martinez shared a compelling prediction about the near-term price trend of SEI on the X platform. He suggests that the digital currency may maintain its positive trajectory and growth pattern.

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.

In simpler terms, the technical analysis pattern known as the ‘bull flag’ is formed when there’s an extended upward price surge (resembling a flagpole) followed by a more stable period of slight sideways movement (the flag). This pattern suggests that prices might continue to rise, but it’s crucial to wait for a clear breakout beyond the consolidation phase for confirmation. It’s like waiting for a sailboat to pass through the flag before assuming it will continue sailing along the flagpole direction.

Based on the graph, it seems that the SEI price has surged beyond its consolidation area, closing a four-hour candle above the upper limit. According to Martinez’s analysis, this recent trend suggests that the token could potentially reach $0.65 – a 20% increase from its current value.

Currently, the SEI token stands at approximately $0.53, marking a nearly 16% increase within the past day. This surge came after a relatively subdued week for the altcoin, with prices now rising by almost 18% over the last seven days, as per CoinGecko’s data.

Is SEI Following SUI?

Recently within the last seven days, Martinez forecasted that the value of SEI might mimic the trendy rise of SUI. It appears that, despite having different origins, these two cryptocurrencies share a strikingly similar price pattern.

$SEI will follow $SUI… $1.60 next!

— Ali (@ali_charts) November 11, 2024

It’s noteworthy that SUI, which has shown remarkable performance even before the market started recovering, has risen over 50% in just a week. Interestingly, Martinez expressed on X platform that SEI could mirror SUI’s bullish trend, aiming for a target of $1.6.

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2024-11-17 16:35