SEI Price Rockets 30% Today — Takes the Lead in Crypto Comeback

Key Takeaways

• SEI has increased by 70% in the past seven days.
• The SEI price broke out above its May high of $0.27.
• How long will the SEI price increase continue?

SEI has led the crypto market with significant increases in the past 24 hours and seven days. Additionally, the price moved above its May highs today, something the rest of the market, including Bitcoin (BTC), has not done yet.

With the long- and short-term charts looking extremely bullish, let’s examine the price movement closely and see how long the rally will continue.

SEI Price Analysis

The weekly time frame SEI chart gives a decisively bullish price analysis for several reasons.

Firstly, SEI is closing above the long-term $0.23 horizontal support area after creating a higher low last week.

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Secondly, the price of SEI has completed a long-term A-B-C corrective structure since its all-time high in March 2024.

Waves A and C had the same length, supporting the possibility that this is the correct count.

If that is the case, SEI has started a new upward movement that will take it to a new all-time high.

Before it gets there, there is horizontal and diagonal resistance at $0.60.

Finally, technical indicators are bullish. The Relative Strength Index (RSI) is increasing and has crossed 50.

The Moving Average Convergence/Divergence (MACD) also moves upward and has made a bullish cross.

Therefore, the weekly time frame gives a bullish SEI prediction and suggests that new highs are likely.

What’s Next for SEI?

Like the weekly time frame, the daily one gives a bullish SEI prediction, suggesting the price is in the most rapid portion of its upward movement.

According to the count, SEI has started an extended wave three (green). Today, the SEI price is in an extended wave three (black), which will continue in the short-term.

The breakout from the descending parallel channel confirms this is the correct outlook.

The two most likely targets for the top of wave three are $0.45 and $0.63. The first will give waves one and three a 1:1.61 ratio while the second a 1:2.61 ratio.

Technical indicators support this count. The RSI and MACD both trend upward and have crossed their bullish thresholds.

Because of the sub-wave count, an increase to $0.63 is more likely.

Parabolic Rally Incoming

The SEI price is pacing the crypto market today with gains of over 30%.

The long- and short-term charts are bullish and suggest a parabolic rally is incoming.

If one occurs, the first levels for a possible local top are $0.45 and $0.63, respectively.