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SEI Price Prediction: SEI Slows After 25% Slump% – Is It Catching the Market’s Eye?

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Sei Network is a layer-1 blockchain framework tailored to meet the demands of high-frequency trading applications. Its notable feature is a remarkable transaction speed surpassing some popular tokens on the market.

In April, the project secured an impressive investment of $30 million during a strategic funding round. Key players in this funding effort included Multicoin Capital, Jump Crypto, and Flow Traders.

The launch of SEI on Binance in mid-August resulted in an astounding surge of over 300% within a single day. With recent enhancements to the network and increased developer activity, numerous investors are eagerly anticipating a positive trajectory soon.

SEI Price Halts Bearish Drift – Are Traders Having Second Thoughts?

The Sei market is recording a shift in direction, with market participants entering the scene with a different approach. The token, which has long been on the bearish path, is now slowing down on this downward momentum.

However, this shift in market activity, although not visible in its trading volume over the past day, has influenced its price trajectory today. 

After trading in the red over the last seven days by 12%, SEI has recorded some upticks today, August 24, bringing its price to $0.1501 as of 04:45 AM EST.

This price level reflects a slight upward change of 0.30% in the last 24 hours, while its trading volume bleeds by over 34% within the same timeframe, standing at over $82.5 million.

This positive movement might seem negligible, but SEI has significantly increased from its lowest point on August 15 (9 days ago). According to data from CoinMarketCap, its price now mirrors a positive change of over 1,786% since then.

This gain and its halt of the bearish drift have raised the optimism that a bullish reversal is imminent. But what possible factors could catalyze the long-awaited bullish trend? 

Other Listings Might Restore SEI Glory

Sei Network token recorded a massive launching on several crypto exchanges on August 15. At the time, Sei (SEI) was listed on major exchanges, including Bybit, Binance, and Bitget. 

The tokens debuted on Binance with a listing price of $0.064 per unit. But when the information circulated, the token started trading at $0.18 while its total supply stood at 10 billion, with an initial allocation of 1.8 billion SEI tokens. Later, the token’s price soared to $0.48.

On the same day, Sei took a significant step in launching the beta phase of its mainnet. The blockchain demonstrated remarkable performance during the alpha testing phase, with over 400 million transactions executed and 7.5 million test wallets generated.

Using the Cosmos software development kit, Sei stands as a solution designed to enhance the trading capacities of decentralized exchanges (DEXs). It does this through its matching engine and tools for preventing order front-run.

Also, its network can simultaneously finalize transactions within just half a second, accommodating up to 20,000 transactions.

Sei Network could record upward momentum in its value with such continuous developments. It could even achieve the projected milestone of $1 by the year 2029, as forecasted by DigitalCoinPrice.

SEI Token Could Attract Buy Action

Following its retreat from the resistance level of $0.26 around mid-August 2023, the trajectory of the Sei coin has been influenced by a slight bearish sentiment. This downward trajectory resulted in a dip below the 20 and 50 Exponential Moving Averages (EMAs), strengthening the bearish trend.

The dip in SEI price gave rise to a descending channel pattern on the chart. This pattern often occurs when the price forms lower highs and lower lows, pointing towards a downward trend.

SEI

It typically reflects a market where sellers are in control, even though it might suggest the potential for an eventual upward reversal. By August 21, SEI had reached its lowest point of the day at the $0.14 mark, showcasing a clear dominance by bearish forces. 

However, this oversold scenario could pave the way for a potential reversal in the upcoming weeks. Nevertheless, observing Sei’s price movements and broader trends within the cryptocurrency sphere is crucial for prospective buyers.

They must also perform in-depth analysis rather than mere speculation to gain insight into its prospective trajectory. 

Subsequent weeks could be pivotal in determining whether the prevailing bearish trend persists or if a bullish reversal emerges.

Sei Network Alternative – Sonik Coin

Sonik Coin, driven by the enthusiasm of investors who have contributed over $401,000, is on track to become the quickest cryptocurrency to reach a $100 million market capitalization.

This achievement is set to establish SONIK as the upcoming cryptocurrency thrill. Although not directly linked to Sonic the Hedgehog, Sonik Coin draws inspiration from meme culture and Sonic’s iconic status in gaming and the internet.

With less than two weeks left, the presale campaign is gathering momentum, with an impressive sum of $401,269 already collected.

Furthermore, early investors engage in staking, as evident in the Sonik staking dashboard data. Over 11.4 billion tokens out of 299.8 billion tokens have already been staked.

Notably, the Sonik’s presale is known for its transparency. Half of the entire token supply is available for public purchase without any allocation for the team.

To secure tokens at the presale price of $0.000014, buyers need to connect their wallets to the Sonik website and act swiftly to take advantage of the opportunity.

To make a purchase, buyers should possess ETH or USDT and await the launching of the token on the decentralized exchange Uniswap. To delve deeper into the project’s details, consulting the Sonik Coin whitepaper is worth it.

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