Sei Crypto Price Prediction – $SEI Plummets 13% Over The Last Week

Sei is struggling to align with other crypto, as its price has fallen below the lower range and is now down 20% from its peak of $1.03.

The price of Sei reached its peak following a substantial rally that started in late November, coinciding with the end of a multi-month consolidation period. However, Sei is now experiencing a decline as market sentiment shifts and selling pressure increases.

This article examines $SEI’s historical prices and delves into expert opinions on its future price movements. Watch the video below for an in-depth analysis and subscribe to Jacob Crypto Bury’s YouTube channel for more crypto-related content.

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Sei Crypto Price Analysis

Sei reached a local peak of $0.84 on January 4th, followed by a retracement to establish a range low of $0.63. After a brief consolidation, Sei surged, surpassing its all-time high at $0.88 and reaching a new peak at $1.03. However, profit-taking by holders led to a downturn, pushing the altcoin below the range low.

At the time of writing, $SEI is priced at $0.84 and holds the #46 position by market cap. Over the past 24 hours, it has decreased by 1.86%, and in the last 7 days, it’s down by almost 13%. While Sei exhibits risk-bearing traits, experts caution against short-term profitability due to market conditions.

Sei Crypto Price Prediction

Sei’s 14-day RSI stands at 59.15, indicating a neutral stance for $SEI at present. Short-term technical analysis suggests a Sei price prediction of $0.80 by March 2024. Looking ahead, long-term analysis forecasts a 14.05% increase in Sei’s price over the next six months, reaching $1.04 by August 2024.

While predictions for the next 3-5 years lean towards bullish, Sei’s potential as a leading decentralized exchange platform for derivatives could significantly influence its long-term outlook.

The increasing demand for derivatives in the DeFi sector, coupled with potential network effects within the Cosmos ecosystem, may drive price growth. Check out our article for more in-depth analysis and insights into $SEI token price prediction.

Sei V2 – Empowering Developers with EVM Compatibility and Database Enhancements

Sei Labs, under the leadership of co-founder Jay Jog, is gearing up to launch the Sei V2 upgrade in the first half of 2024. This upgrade will introduce EVM parallelization, enabling developers to deploy Ethereum protocols on the Sei blockchain.

While Sei has been known for its position as the fastest blockchain since its inception, the notable change in V2 is its transition to the first parallel EVM blockchain.

Post the Sei V2 upgrade, developers will have the flexibility to utilize languages like Solidity and Vyper, commonly favored among Ethereum developers, eliminating the necessity to code in languages such as Rust or C++.

The First high performance Parallelized EVM Chain has hit a major milestone.

Sei’s permissionless Public Devnet has been upgraded to v2 and is now live for developers to begin their deployments.

It’s time to go even further beyond🔴https://t.co/ZHtKVGxszI

— Sei 🔴💨 (@SeiNetwork) February 13, 2024

The upgrade is centered on database enhancements, easing developers’ workload through parallel processing, and ensuring backward compatibility with EVM. These improvements aim to foster an environment conducive to the swift and seamless integration of more developers.

Sei’s focus on this upgrade underscores its commitment to cultivating a developer-friendly ecosystem, recognizing the significance of a thriving and diverse developer community in driving decentralized application (dApp) innovation and ecosystem growth.

With the anticipated faster and more stable Sei blockchain offering EVM compatibility, and the active involvement of Sei’s official partners, a surge in DeFi activity is expected.  The Sei V2 upgrade represents a pivotal stride towards achieving a blockchain experience characterized by speed, affordability, and security.

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