SEI (coin review) has been in a negative mood since March 16, 2024, falling from $1.14 to a low of $0.42.
The current price of SEI stands at $0.50, and for now, bears continue to control the price movement. According to the latest on-chain data, the cryptocurrency market has been experiencing a steady decline in high-value transactions over the last few weeks which also has a negative influence on SEI.
Crypto analysts agree that if the price of Bitcoin breaks the $60,000 support level we could see a significant number of liquidations worth billions on the crypto market. Liquidations happen when a trader’s position is automatically closed because they lack the funds to cover their losses.
This situation arises when the market moves unfavorably for the trader, leading to a reduction in their initial margin. But where is the price of SEI going next, and what can we expect from the rest of May 2024?
Today, Crypto Lists will discuss SEI price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.
Sei aims to change the world of digital asset trading
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The Sei (SEI) Network is a Cosmos-based layer-1 blockchain that aims to change the world of digital asset trading, especially in the decentralized exchange (DEX) ecosystem. It was made for trading and it encompassed different segments of the cryptocurrency sphere including GameFi, NFTs, and notably, decentralized finance (DeFi). Sei is sometimes called the “Decentralized NASDAQ,” as it seamlessly combines the trading experiences of centralized finance (CeFi) with decentralized finance tools.
A significant issue with decentralized exchanges (DEXs) is that orders are either processed off-chain, compromising decentralization and security, or on-chain on a fast blockchain, sacrificing decentralization and security. Given this bottleneck, the Sei network has introduced several innovative features aimed at addressing the hurdles encountered by decentralized exchanges (DEXs), blending off-chain speed with on-chain security to overcome these challenges.
Sei network aggregates orders at the end of the block and executes them all at once rather than executing them one at a time, and in this way, it prevents the persistent problem of front-running in decentralized trading. It is also important to say that transactions on the Sei network are irreversible and trackable, and they do not require a third-party intermediary. This automated process significantly reduces costs and boosts efficiency, streamlining transactions and simplifying the process immensely.
Sei boasts a transaction finality of 600 milliseconds, demonstrating remarkable scalability compared to other cryptocurrency projects such as Bitcoin, Ethereum, and even Solana. Since its beginning, Sei has established itself as a major player in the cryptocurrency space by offering advanced features and benefits that surpass those of its competitors. Backed by its innovative technological prowess and dedicated community, it has emerged as one of the fastest expanding Layer 1 blockchains, catering to trading and various other functionalities.
Bears continue to control the price movement
Sei’s native cryptocurrency is the SEI token which is designed to enhance and simplify business operations and interactions. It is envisioned to be more than just a cryptocurrency, serving as a holistic solution to various challenges within the modern blockchain ecosystem. SEI has a total supply of 10 billion tokens and all of the tokens in circulation have been free-mined on the blockchain, including those that are locked or reserved.
The beginning of February 2024 has been very successful for SEI, and the price of this crypto added more than 80% to its value in the period from February 04 to March 16. Since then, the price of SEI has lost significantly in value, and bears continue to control the price movement. Investors should keep in mind that SEI is a risky investment, and history has shown many times that its price can fluctuate dramatically over short periods, leading to substantial gains or losses.
In the weeks to come, SEI will remain significantly influenced by the general situation in the cryptocurrency market and investors should keep in mind that while positive developments can trigger substantial price increases, they also carry potential risks. Hence, engaging in investments related to SEI demands deliberate consideration. Undertaking comprehensive research and evaluating one’s risk tolerance are fundamental measures prior to committing to any investments within this sphere.
Technical analysis for SEI
SEI has weakened from $1.14 to $0.42 since March 16, 2024, and the current price stands at $0.50. SEI might have a hard time holding above the $0.50 level in the upcoming days, and a break below this level would indicate that SEI could probably test again the price level at $0.45.
Important support & resistance levels for SEI
The beginning of February 2024 year has been successful for SEI, but the price of SEI has remained under pressure since March 16 and the risk of further decline is still not over. On this chart (the period from October 2023), I marked important support and resistance levels that can help traders understand where the price could move. SEI remains under pressure, but if the price advances above the resistance that stands at $0.60, the next target could be $0.70 or even an important resistance level at $0.80. The important support level is $0.40, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.30.
What speaks for the rise in the SEI price
Since its beginning, Sei has established itself as a major player in the cryptocurrency space by offering advanced features and benefits that surpass those of its competitors. The Sei blockchain technology is designed to streamline operations which could bring a new level of transparency to the banking and financial industry, with every transaction recorded and traceable on the blockchain. The important reason for SEI’s current price fall is that it has been following the fall of Bitcoin, just like the rest of the cryptocurrency market.
The overall sentiment on the cryptocurrency market plays a very important role in SEI’s price trajectory, and if investors regain confidence further, an upside potential could benefit DASH. For the bulls to take again control of price movement, a move above $0.60 would be beneficial.
What indicates a downfall for SEI
The latest on-chain data showed that the cryptocurrency market has been experiencing a steady decline in high-value transactions over the last few weeks which also has a negative influence on SEI.
Negative information is that some crypto analysts think that Bitcoin could maintain a downside trajectory in the weeks ahead, and when the price of Bitcoin drops, that usually has a negative influence on the price of SEI and on the rest of the cryptocurrency market. SEI is unpredictable and a highly risky investment, and because of this, investors should continue to be very cautious in the case of this cryptocurrency.
What do analysts and experts say?
Crypto analysts say that a slowdown in net inflows on the cryptocurrency market and decreased trading activity are certainly negative factors for SEI that will continue to influence the price of this cryptocurrency in the weeks ahead. At the same time, the macroeconomic landscape remains uncertain; major central banks are still not done with bringing inflation down to their target, and risk-on assets such as cryptocurrencies could suffer in such conditions.
On the other side, some crypto experts say that the Sei network aims to solve issues not only in the crypto industry but also in other industries which could boost the price of SEI in the future. This includes the likes of the banking and financial industry, where it aims to reduce the costs of transactions by eliminating the use of intermediaries and providing top-notch security measures to protect user privacy and identities.
