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SEI Price Prediction 2024: SEI Price Analysis

Last Updated 1 hour ago
Valdrin Tahiri
Last Updated 1 hour ago
By Valdrin Tahiri
Verified by Peter Henn

Key Takeaways

  • The Sei price has decreased since its all-time high price on March 16.
  • SEI announced a three-phase V2 upgrade plan on May 15.
  • Our price predictions suggest SEI will reach a bottom soon.

SEI came out in August 2023. In November, it announced  it would integrate with Circle’s USD Coin (USDC) stablecoin. Since its launch, Sei has quickly built steam thanks to its focus on speed and low transaction costs. It rolled out a new upgrade  in May 2024, called Sei V2. According to Sei’s official blog , the upgrade will be implemented in three stages: governance, Alpha release, and V2 readiness. The news came after the platform announced  it would be going carbon neutral. 

In the governance phase, Sei Labs engineers will initiate the governance approval process through on-chain proposals. If approved, validators will upgrade the node software, and the existing Sei Pacific-1 mainnet will be updated to ‘V2’. The Alpha release phase will focus on ensuring the stability of the chain and deploying third-party infrastructure, such as RPC nodes, cross-chain bridges, indexers, and multi-signature tools.

Sei Labs will monitor and report on the chain’s stability throughout this phase. Notably, the upgrade will unaffected functions of existing applications and tokens.

On July 10, 2024, SEI was worth about $0.34.

Sei did not respond to a request for comment 

Let’s now take a look at our price predictions for SEI, made on July 10, 2024. We will also examine the SEI price history, and talk a little about what SEI is and what it does.

Sei Price Prediction

It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong.

Minimum SEI Price Prediction Average SEI Price Prediction Maximum SEI Price Prediction
2024 $1.95 $2.18 $2.40
2025 $0.70 $0.78 $0.85
2030 $1.28 $1.60 $1.92

There are two methods used to create our SEI price predictions. More specifically, predictions are created using fractals (mirroring movements and indicator readings) and the wave count.

The mean of the two predictions gives the average SEI price prediction, the more bullish one is used for the maximum price prediction while the more bearish one is for the minimum.

Fractal Method

In October 2023, SEI’s daily RSI fell to oversold territory for the first time in history (green circle). Shortly afterward, SEI broke out from a 66-day descending resistance trend line, causing the RSI to increase above 50.

This catalyzed a 1,100% upward movement that lasted for 150 days, culminating with a new all-time high in March 2024.

In 2024, the daily RSI fell to oversold territory for the first time in July. It then started an upward movement, which took it close to a descending resistance trend line that existed for 117 days. The daily RSI has almost moved above 50 (green icon). So, the assumption is made that the 2024 movement is twice as long as the 2023 one.

SEI Fractal Method
SEI/USD Daily Chart | Credit: Valdrin Tahiri/TradingView

Projecting a 1,100% increase that lasts for 300 days leads to a new all-time high of $2.84 in May 2025. During the upward movement and ensuing correction, the fractal method gives a SEI price prediction of $1.95 and $0.70 at the end of 2024 and 2025, respectively.

Wave Count Method

The wave count suggests that SEI started a five-wave increase in November 2023. After the all-time high, it completed a W-X-Y corrective structure. If the correction is over, the ensuing upward movement may have 1.61 times the length and duration of the previous one. If this is the case, SEI will reach a new all-time high of $4.40 in April 2025.

SEI Wave Count Prediction
SEI/USDT 2-Day Chart | Credit: Valdrin Tahiri/TradingView

Projecting a similar rate of increase and decrease as the upward movement and the correction leads to a SEI price prediction of $2.40 and $0.75 at the end of 2024 and 2025, respectively.

Finally, we use the rate of increase since launch to determine the SEI price prediction for the end of 2030. In the 330 days since its launch, SEI has increased by 60%, for a rate of increase of 0.19% per day. Projecting this rate of increase until the end of 2030 leads to a target of $1.60. Adding and removing 20% to this target gives our maximum and minimum SEI price predictions.

SEI Price Prediction for 2024

Our fractal and wave count SEI price predictions lead to similar targets for the end of 2024. Both suggest that SEI will be on its way toward a new all-time high, and specifically give targets of $1.95 and $2.40, respectively.

Sei Price Prediction for 2025

Our fractal and wave count SEI crypto price predictions lead to similar targets for the end of 2025. Both suggest that SEI will have reached its all-time high and be mired in a correction. They give targets of $0.70 and $0.85, respectively.

Sei Price Prediction for 2030

We use the rate of increase to make a SEI coin price prediction for the end of 2030, arriving at a range of $1.28 and $1.92.

SEI Price Analysis

The daily time frame SEI price chart shows a decline under a descending resistance trend line since the all-time high of March 2024. The decrease led to a low of $0.24 in July.

Then, the price bounced, confirming a bullish divergence in both the RSI and MACD. Such pronounced bullish divergences often lead to significant upward movements. This will be confirmed if SEI breaks out from the descending resistance trend line.

SEI Price Daily Analysis
SEI/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

In that case, the price can increase to the next horizontal and Fibonacci resistance area at $0.59. This is a critical area since it has at times acted as both resistance and support since December 2023.

Alternatively, a rejection from the trend line can cause a decline to the next horizontal support at $0.15.

Short-Term SEI Price Prediction

The SEI price prediction for the next 24 hours depends on the assumption that the price will reach the resistance trend line and eventually break out. Since the SEI price has already reached the resistance trend line today, it may decrease slightly toward $0.32 in the next 24 hours, giving a bearish prediction.

SEI Short-Term Movement
SEI/USDT Daily Chart | Credit: Valdrin Tahiri/TradingView

Then, a potential breakout can take SEI toward $0.38 by the end of the week, completing a short-term five-wave increase.

SEI Fear & Greed Index

The Fear & Greed Index measures the market sentiment on a scale from 0 (Extreme Fear) to 100 (Extreme Greed). It aggregates factors such as volatility, market momentum/volume, social media activity, dominance, and trends to provide a sentiment overview.

Extreme fear can suggest investors are overly worried, potentially presenting a buying opportunity, whereas extreme greed indicates excessive bullishness, often signaling an imminent market correction. On July 9, 2024, the Fear & Greed Index measured 28, reflecting fear.

Last week the indicator showed a neutral reading at 51 while it showed greed at 72 last month.

SEI Average True Range

The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days.

A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility. Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels.

SEI Average True Range
SEI ATR Chart | Credit: TradingView

SEI’s daily ATR is at 0.033, implying low volatility. It has fallen since its all-time high of 0.125 in March. As a proportion of the $0.33 SEI price, the ATR is 0.111.

SEI Market Cap to TVL Ratio

The Total Value Locked (TVL) to market cap ratio  measures the valuation of a decentralized finance (DeFi) project by comparing its market capitalization to the total value of assets locked in its smart contracts. This ratio shows the project’s utilization and links the platform’s health to the value of locked assets.

A ratio above 1.0 indicates overvaluation because the market cap exceeds the value of assets used in the platform. A ratio below 1.0 indicates undervaluation because the market cap is lower than the value of locked assets.

SEI Market Cap to TVL
Market Cap to TVL | Credit: DeFiLlama

On July 10, 2024, the SEI Market Cap to TVL ratio was 3.2, indicating overvaluation.

SEI Relative Strength Index (RSI) Is SEI Oversold or Undersold?

The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold.

Movements above 70 and 30 show overbought and oversold conditions, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.

SEI Daily RSI
SEI Daily RSI | Credit: TradingView

SEI’s daily RSI is at 47, a sign of a neutral trend. However, it is worth mentioning that the indicator trends upward and recently moved outside of its oversold territory, both seen as signs of a bullish trend.

SEI Price Performance Comparisons

SEI is a Layer-1 blockchain, so let’s compare it with other projects with a similar market cap in the same category.

Current Price One Year Ago Price Change
SEI $0.34 $0.49 (One Month Ago) -29%
SUI $0.74 $0.65 17%
ATOM $5.98 $9.07 -35%
INJ $20.63 $8.01 162%

Best Days and Months to Buy SEI

We took a look at the Sei price history and found the times when the price was at its lowest across certain days, months, quarters and even weeks in the year, indicating the best times to buy SEI. We also saw when the price was at its highest, suggesting the worst time to buy SEI.

Times to buy SEI Days, months and quarters
Best Day of the Week Monday (+2.62%)
Worst Day of the Week Thursday (-1.17%)
Best Month December (147.81%)
Best Quarter Fourth (396.22%)

SEI Price History

Now, let’s examine the Sei price history. While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Sei price prediction. That said, we do need to remember that there is not as much context to go on as there might be with longer-standing crypto, such as Bitcoin (BTC).

SEI first came onto the open market on August 15, 2023, when it was worth about $0.007989. It went up steadily, breaking past $0.20 the same day before closing at $0.1776. SEI then increased further, hitting an all-time high of $0.2736 on August 16, 2023.

However, the price has fallen since then, culminating with a new all-time low of $0.119 on August 29, 2023.

In December, the coin rallied. On December 31, it reached a high of $0.6303 before dropping down to close the year at $0.563. In 2024, the coin shot up at first, reaching an all-time high of $0.8755 on January 3. Since then, though, it has dropped considerably, falling to a low of $0.31 in July.

SEI Price History
SEI Price History | Credit: CoinGecko

 

Period Sei Price
Today (July 11, 2024) $0.34
Last Week (July 4, 2024) $0.34
Last Month (June 11, 2024) $0.49
Three Months Ago (April 11, 2024) $0.67
Last Year NA
Launch price (August 16, 2023) $0.18
All-time high (March 16, 2024) $1.12
All-time low (October 19, 2023) $0.09

SEI Market Cap

The market capitalization, or market cap, is the sum of the total number of SEI in circulation multiplied by its price. On July 10, 2 2024, Bitcoin’s market cap was $1.025 billion, making it the 77th-largest crypto by that metric.

SEI Market Cap
SEI Market Cap | Credit: CoinGecko

SEI Supply and Distribution

Supply and Distribution Figure
Maximum Supply 1,000,000,000
Circulating Supply 3,050,000,000 (30.05% of Maximum Supply)

From the Whitepaper

In its technical documentation or whitepaper , Sei says it aims to make trading easier. 

It says: “Sei is a general purpose, open-source Layer 1 blockchain specialized for the exchange of digital assets. Leveraging a novel consensus and technical breakthroughs, Sei is the fastest blockchain in the industry.”

Sei (SEI) Explained

Crypto exchanges are one of the most important concepts in the crypto sphere. Since cryptocurrency does not have any intrinsic value, having a place where coins and tokens can be bought and sold helps set prices.

While traditional, centralized exchanges (CEXes) like Crypto.com (CRO) dominate the market, they are not the only option for someone who wants to buy, sell, or trade crypto. Decentralized exchanges (DEXes), like Uniswap (UNI) are designed to allow people to choose whichever cryptos they want to deal with, and are backed by liquidity pools. 

However, DEXes are not without their flaws. One potential drawback is that, a lot of the time, decentralized exchanges can only deal with tokens that exist on their own native blockchain. 

Sei  is a blockchain designed to deal with that. Launched in the summer of 2023, the platform is supposed to allow people to trade crypto assets easily in the same place. Sei aims to be the fastest blockchain around. The SEI coin powers the platform. 

How Sei Works

The Sei blockchain promises transaction speeds of as little as 250 milliseconds. It uses a form of Proof-of-Stake (PoS) consensus mechanism to process transactions and add blocks to the blockchain. SEI holders add blocks to the blockchain-based on how many coins they hold.  

People who hold SEI can buy, sell, and trade it on exchanges. 

Is Sei a Good Investment?

It is, perhaps, a little too early to say. Keep in mind that SEI has only been trading since August 2023. This means we don’t know how well, or how badly, it will respond to market moves. 

We also don’t know whether it will be able to gain any traction. Maybe, the V2 upgrade may boost the sentiment on the coin.

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in SEI.

Will Sei go up or down?

No one can really tell right now. While the Sei crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Sei?

Before you decide whether or not to invest in Sei, you will have to do your own research, not only on SEI, but on other, related, coins and tokens such as Solana (SOL) or Osmosis (OSMO). You will also need to make sure that you never invest more money than you can afford to lose.

Who are the founders of SEI?

SEI was founded by Sei Labs bosses Jayendra Jog and Dan Edlebeck in 2023.

FAQs 

How many Sei are there?

As of July 10, 2024, there were 3.05 billion SEI in circulation, out of a total supply of 10 billion.

Will Sei reach $10?

Our price predictions suggest SEI will not reach $10 in the near future.

What is Sei used for?

The SEI coin supports the Sei blockchain. People can also buy, sell, and trade SEI on exchanges.

Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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