The Staggering 52% Surge in Sei Price
If you haven’t noticed, the Sei price has been on a tear. The last 24 hours alone have seen the token price soar by 52%, trading for $0.3432 as of 6:10 a.m. EST time. During the same period, trading volume jumped 375%, with the price reclaiming levels last seen on August 15, resulting in the liquidation of $1.05 million short positions.
The open interest for SEI token also soared to an all-time high of $97.67 million. All this is happening amid a surge in social volume, with most of it coming from Telegram and X, as per Santiment data, indicating an increase in the number of mentions of Sei token on over a thousand crypto-related social media channels.
The Sei Token Bulls Are Back
For a while, Sei price had been consolidating along an ascending trendline but finally broke past the $0.2830 level, with bullish momentum pushing to reclaim the range high at $0.4800. Prospects suggest an increase in buyer momentum propelling the price past the $0.4000 and finally the $0.4500 level before confronting the $0.4800 range high. A highly bullish case sees the Sei price potentially climbing 45% above its current levels to record a new all-time high.
The Outlook and Analytical Insights
Technical indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) point towards a bullish trend, with the Sei price momentum gaining more investors. On the contrary, any profit booking might prompt a decrease in Sei price, with a potential drop to test the $0.2146 support level or even lower. Despite this, the prevailing bullish outlook isn’t nullified unless there is a break and close below this level.
LPX and YPRED as Potential Alternatives
If you’re looking to diversify your portfolio, LPX and YPRED are two cryptocurrencies with LPX being the native token for the Launchpad XYZ ecosystem, while YPRED represents the yPredict ecosystem. Both are currently in their presale stage.
LPX: The Next 10X Trades
Launchpad XYZ aims to help you figure out the next 10X trades with its AI insights. The platform also enables mobile trading while leveraging automated trading to set you up for winning trades. The LPX token is currently selling for $0.0445 and you may consider purchasing it in the presale.
YPRED: AI-powered Trading Tools
Similar to Launchpad XYZ, yPredict is also in its presale stage, with each YPRED token selling for $0.11. It is an AI project built for developers, traders, quants, and analysts, providing real-time trading signals and has an objective target of raising $6.507 million from its token sale.
Hot Take
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Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.