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Highlights
- SEI price has broken out of a descending parallel channel that has been causing bearish presssure for seven months.
- A spike in buying pressure signals that a rally to $0.50 and eventually $1 may be imminent.
- Network activity is rising with daily transactions tripling while DeFi TVL is at an all-time high.
SEI price has been on a notable uptrend in the last seven days, outperforming most coins with a 28% rally that broke it out of a seven-month downtrend. However, today, June 28, the SEI rally is showing weakness as the price trades at $0.286 with a slight 2.95% decline in 24 hours. Despite the dip, on-chain data remains strong, with daily transactions surging three times this quarter, causing speculation about whether the price could reach $1.
SEI Price Targets $1 After Breaking 7-Month Downtrend
SEI price has been trading within a descending channel since November 2024, and after massive gains in recent days, it has formed one of its biggest weekly green candlesticks in over a year. This candlestick saw the price break out of a downtrend that has been going on for seven months, with bulls now targeting more gains.
The RSI supports the upward breakout after it crossed above the mean value of 50 to show that the momentum has finally shifted to bullish for the first time since the end of 2024. However, SEI price may not be out of the woods yet because this metric has to create a higher high to confirm the strength of the upward trend.
If buying pressure continues to increase, the next target after this week’s bullish candle is the 61.8% Fibonacci level at $0.50. As CoinGape recently reported, a rare pattern also supports that SEI may surge to this level.
This price level acted as strong resistance during the Q4 2024 rally. However, the psychological resistance lies at $1, a level that the SEI price has not reclaimed since March 2024.
For SEI to confirm a bull run to $1, the CMF indicator needs to cross over to the positive region. This indicator has been making higher lows but has yet to cross over to the positive region. If it does, it will confirm that there are more inflows to SEI than outflows, which will be bullish for the price.
Daily Transactions Triple to 1.6M
SEI has been trending recently, and this has caused the daily transactions on the network to surge three times in Q2 alone, which is having a bullish impact on the price. According to Nansen’s data, daily transactions have increased threefold and hit a peak of more than 1.6 million daily.
This growth follows a massive spike in SEI’s decentralized finance (DeFi) activity, with the network’s Total Value Locked (TVL) standing at $590 million per DeFiLlama data. At this valuation, the TVL is at an all-time high.
Therefore, as network activity rises to support a bullish forecast for SEI price, the altcoin may undergo a massive rally to the upside. The breakout from a seven-month downtrend also suggests that a rally to $1 may be inevitable.
Frequently Asked Questions (FAQs)
1. Can SEI price reach $1?
2. Why is SEI price up 28% in one week?
3. What factors will drive a SEI price rally in the future?
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