Sei price has bounced back in the past few days, making it one of the top-performing tokens in crypto this month. It jumped to a high of $0.30 today, June 29, up by nearly 90% from its lowest point this month. It is hovering at its highest level since February.
Sei Price Prediction: Can it Hit $0.7358
The daily chart shows that the Sei token price bottomed at $0.1315 in April as the crypto market crash intensified. It then bounced back and reached a high of $0.30, a 130% increase.
Sei price formed a double-bottom-like pattern at $0.1595 and a neckline at $0.2745, its highest swing on May 10. A double bottom is a popular bullish reversal pattern that signals bears are hesitant to place short trades below a certain level.
The first step of estimating the price target in a double-bottom pattern is to find its height. In this case, one subtracts the support at $0.1595 from the neckline at $0.2743, giving it a figure of $0.1148.
After this, one adds the height of the neckline, setting a target level of $0.3891, which is approximately 30% above the current level. This price is between the 50% and the 38.2% Fibonacci Retracement level.
The price of Sei is close to forming a mini golden cross as the spread between the 50-day and 100-day Exponential Moving Averages (EMAs) narrows. Further data indicate that the Relative Strength Index (RSI) and the MACD indicators have all been trending upwards.
A break above the price target of $0.3890 and the 50% retracement at $0.4345 will point to more gains, potentially to last year’s high of $0.7358.
On the other hand, a drop below the support level at $0.20 will invalidate the bullish Sei price forecast. Such a move will be a sign that there are more sellers in the market, who may push it to the year-to-date low of $0.1300.
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Top Bullish Catalysts for SEI Token
There are several catalysts that may drive the Sei price higher. First, data shows that the number of transactions on Sei is surging. Data compiled by Nansen shows that the monthly transitions rose by 151% to 39 million. This makes it the third-fastest-growing chain in the crypto industry after Avalanche and BNB Chain.
Second, Sei has become the biggest blockchain for gaming, passing popular gaming-focused chains like Ronin and Immutable. Its monthly gaming transactions have surged, a trend that is expected to continue in July.
Further data show that Sei has become the second-largest EVM network by the number of users, while its total value locked (TVL) in the DeFi industry has surpassed the $500 million milestone and reached a record high. Also, Wyoming is considering Sei as the blockchain of choice for its upcoming stablecoin.
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