In a little over a year since its launch, the SEI token has exhibited astonishing growth. It now aims to crack the top 50 cryptocurrencies by market capitalization. Recently, SEI has emerged as a standout performer, achieving a significant double-digit gain over the past 24 hours.
Noted crypto analyst Ali Martinez presents a compelling short-term price target for SEI. Martinez suggests the token is set to maintain its upward trajectory.
This optimism is rooted in the presence of a bull flag pattern in SEI's four-hour price chart. The bull flag is a recognized continuation pattern indicating potential price ascension.
Technical analysis identifies this formation through an initial steep price increase (the flagpole) succeeded by a consolidation phase (the flag). While the pattern suggests upcoming price growth, confirmation hinges on a successful breakout from the consolidation phase.
As evidenced by recent charts, SEI appears to have surpassed its consolidation range, with a four-hour candlestick closing above the upper boundary. Martinez forecasts the next target for SEI at $0.65, about a 20% rise from its present value. At the time of writing, SEI is priced at approximately $0.53, reflecting an almost 16% increase over the past 24 hours. Over the last week, the token has surged by nearly 18%, as per CoinGecko data.
Last week, Martinez projected SEI might parallel the ascent of the increasingly popular SUI. These tokens, perhaps because of their comparable names, demonstrate similar price trends.
In a tweet on November 11, 2024, Martinez confidently stated, "$SEI will follow $SUI... $1.60 next!" It's notable that SUI has surged by over 50% in the recent week, showcasing impressive performance before regaining market momentum. Martinez remains optimistic that SEI will emulate SUI's bullish behavior, with a likely target of $1.6 in the not-too-distant future.