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The Sei price has surged 180% in the past month and 25% in 24 hours to trade at $0.7478 as of 3:40 a.m. EST time as trading volume jumped 14%.
With this surge, Sei price has recorded an all-time high of $0.8000 marked by the January 2 intra-day high. The recent surge comes amid growing investor interest in SEI after an eventful 2023.
Sei has seen an unbelievable year of shipping, learning and growth in 2023:
✅Atlantic-2 Testnet
✅Strategic Raise
✅Pacific-1 Mainnet beta
✅Fastest Chain at 390ms ttf
✅1.1 Billion Transactions, zero downtime
✅Parallelized the EVM internally2024 is the year of the dragon; a… pic.twitter.com/cjhxN58I14
— Sei 🔴💨 (@SeiNetwork) December 31, 2023
With a successful record of accomplishment witnessed in 2023, the Sei Network managed to reach a milestone of over 1 billion transactions. This remains evidence of growing real-world adoption.
Moreover, strategic partnerships with entities such as Kryptonite and Gecko Terminal have helped expand the Sei ecosystem. Other value additions include planned upgrades such as EVM compatibility, which helped enhance Sei’s attractiveness for decentralized app (dApp) developers.
Furthermore, comparisons drawn with networks like Solana also enhanced expectations of SEI being able to attain higher valuations. With these, SEI adoption continues to increase, bolstered by endorsement from major venture firms, among them, Multicoin Capital, an integration that has played a big role in adding credibility to Sei’s position as a formidable contender in the Layer 1 (L1) sector.
SEIYAN Meme Coin Becomes A Cult Term For SEI Holders
The Sei price also benefited from the recent meme coin fever, with SEIYAN becoming a cult term for SEI token holders. Meme coin SEIYAN has recorded a remarkable surge, rising around 400% in a week, with the overflows from this frenzy spilling over to the SEI market and causing a surge in Sei price.
These Seiyan nfts keep pumping … but I can’t even sell lfmao cuz I am like 1200 in queue.
Never seen a more bullish structure … 9000 SEI floor incoming
— Wizard Of SoHo (🍷,🍷) (@wizardofsoho) January 2, 2024
Sei Price Prognosis With Bullish Fundamentals Complemented By Technicals
With enough ecosystem fundamentals to drive the surge, Sei price is pumping hard, with technical indicators also supporting the bullish outlook.
Sei price shattered past the $70.5% Fibonacci retracement level of $0.5827 during the January 1 trading session. This was after three failed attempts, with the breakout seeing the altcoin fill the market range between the $0.0642 and $0.7997.
However, momentum appears to be fading, as indicated by the Relative Strength Index (RSI) deviating from the previous northbound move. Also, SEI is already massively overbought, based on the position of the RSI at 80. With this outlook, a correction may be underway.
Nevertheless, investors who still have open long positions on SEI should not close them, until such a time when the RSI draws towards the 70 level. This is because with the strong price strength, the broader market optimism and the fact that the bulls maintain a strong presence in the SEI market, the odds still favor the upside.
Evidence of the bulls’ presence in the SEI market can be seen in the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) in the positive territory. Both their histogram bars are also flashing green, which accentuates the bullish thesis.
Furthermore, the MACD continues to move above the signal line (orange band) after crossing above it on December 18. This shows the upside remains the path with least resistance.
Increased buying pressure above current levels could see Sei price reclaim the $0.8000 range high, or in highly bullish cases, clear it to record a new range high above it.
Converse Case
On the flip side, with SEI already overbought, investors should also consider the possibility of a correction, which could see Sei price pull south, potentially losing the 70.5% Fibonacci support at $0.5827.
Further south, the slump could send Sei price lower, going as low as to test the most important Fibonacci, 61.8% at $0.5188. For the bullish outlook to be invalidated, however, the slump must extend for the price to slip below 50% Fibonacci at $0.4320 and close below the 38.2% retracement level at $0.3452.
Investors looking to avoid the risk associated with Sei price can consider Sponge V2, one of analysts’ top picks for the best altcoins to invest in with potential for maximum returns.
Promising Alternatives To SEI
Sponge V2 stands among the five new cryptocurrencies to invest in 2024. When buying or staking Sponge V1 through the website, investors receive an equivalent amount of Sponge V2, and then receive staking rewards from their locked V1 tokens over 4 years.
📣 We’re excited to announce that #Sponge is bridging from V1 to V2!
Stake your $SPONGE to earn #SpongeV2 tokens. 🧽💦
Buy and stake now for a special V2 token bonus! Don’t miss out 🔥#MemeCoin #Web3 #BullMarket pic.twitter.com/bYmkg1TNrU
— $SPONGE (@spongeoneth) December 18, 2023
The project has distinguished itself from other presales, such that to acquire this new token, you have two options: Either buy and stake Sponge V1 through the Sponge.vip website’s buy widget or stake the Sponge V1 tokens that you currently hold through the Sponge.vip website.
Buy or stake $SPONGE using the widget on our website to receive the equivalent amount of bonus V2 tokens. 🙌
Bought tokens can be claimed once #SpongeV2 launches. 🧽💦#MemeCoin #Crypto #Web3 pic.twitter.com/fRjuPaoFhC
— $SPONGE (@spongeoneth) January 1, 2024
The more V1 tokens you stake, and the longer you stake them, the more V2 tokens you will earn. Once the remaining supply of Sponge V1 is exhausted, Sponge V2 will become claimable.
1️⃣ All V1 tokens sent to the V2 staking pool will earn V2 tokens according to the variable APY.
2️⃣ The more V1 tokens that are staked, the more V2 tokens will be earned.
3️⃣ Sponge V1 tokens will no longer be supported other than for staking once #SpongeV2 is launched. pic.twitter.com/pbBDTyqzSs
— $SPONGE (@spongeoneth) December 31, 2023
According to experts, Sponge V2 will dominate the crypto scene at launch, with the same analyst anticipating 100X growth potential.
It is therefore a second chance for investors who missed the initial surge. Tron founder and Huobi Global advisor Justin Sun is also a Sponge supporter, with a wallet address (0x176f3dab24a159341c0509bb36b833e7fdd0a132) tagged as ‘Justin Sun 4’ on Etherscan holding 108 millionSPONGE V1 valued at $43,246.
🚀Crypto billionaire Justin Sun made a $14.7 million ETH transfer from Binance, sparking rumors of a potential investment in Sponge V2. With the upcoming launch and P2E gaming, could this be the next meme coin to explode? Dive into the details here: https://t.co/vfHD8vdE9v
— Chris Terry (@BlockchainSoft) December 29, 2023
Anyone who thought Sponge V1 was good should have a look at Sponge V2, which is stronger and better, with more utility.
If you thought #Sponge v1 was good, just wait for #SpongeV2! 😎🧽🧽💦
We’re coming back stronger than ever with more utility and our new #P2E game. 🔥
Hurry and stake your $SPONGE now!!#MemeCoin #Presale #Crypto pic.twitter.com/qroHE6XRMY
— $SPONGE (@spongeoneth) January 1, 2024
Visit the website to buy Sponge V2 here.
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