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SEI Price Prediction 2024: SEI V2 Launches, Can It Prove Positive?

Last Updated May 28, 2024 12:44 PM
Peter Henn
Last Updated May 28, 2024 12:44 PM

Key Takeaways

  • The Sei blockchain is meant to make trading easier.
  • On August 16, 2023, its second day on the market, almost $1.9 billion worth of SEI was traded.
  • It has recently announced V2 upgrade is divided into three phases.
  • One SEI price prediction said it could reach $2.12 next year.

Sei’s SEI coin reached an all-time high in early December 2024. The crypto, which came out in August 2023, is in the process of rolling out a new upgrade , called Sei V2. The news came after the platform announced  it would be going carbon neutral. 

In November, SEI 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.

On May 15, 2024, it announced the launch of V2 “a proposed, additive upgrade to a live blockchain, bringing the first highly performant parallelized EVM into production. This upgrade will require a Governance approval process to proceed,” the company said .

Can the upgrade – set to be divided into three phases – boost the coin? On May 28, 2024, SEI was worth about $0.5470.

Sei did not respond to a request for comment 

But what happens next? What is Sei (SEI)? How does Sei work? Let’s see what we can find out and also take a look at some of the Sei Price Predictions that were being made as of May 28, 2024.

Sei Coin Price Prediction

Let’s take a look at some of the SEI price predictions that were being made as of May 28, 2023. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.

2024 2025 2030
Prediction #1 $1.21 $1.41 $4.13
Prediction #2 $1.54 $2.09 $4.84
Prediction #3 $0.7980 $1.18 $7.60

First, CoinCodex  had a short-term SEI price prediction which said the coin would go to $0.702341 by June 2 before jumping to $1.760058 by June 27. The site’s technical analysis was neutral, with 14 indicators sending bullish signals and 10 making bearish ones.

SEI Price Prediction for 2024

DigitalCoinPrice  thought SEI could reach $1.21 this year. Bitnation  said the crypto would hit $1.54. PricePrediction.net  thought it would trade at $0.7980 in 2024.

Sei Price Prediction for 2025

DigitalCoinPrice thought the coin would get to $1.41 in 2025. Bitnation said the coin would hit $2.09 next year. PricePrediction.net was more cautious, saying it would reach $1.18 then.

Sei Price Prediction for 2030

In terms of a long-term Sei price prediction, DigitalCoinPrice said the coin would reach $4.13 in 2030. Bitnation thought it would reach $4.84 then. PricePrediction.net was more confident and said SEI would reach $7.760 at the start of the next decade. 

Google Gemini AI Price Prediction for SEI (as of May 28)

Google’s Gemini platform gave the following price prediction for Sei on May 28. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next three months)

  • Expected price: $0.85
  • Factors to Consider:
    • Overall cryptocurrency market sentiment: If the overall cryptocurrency market is bullish, Sei’s price is likely to rise. Conversely, if the market is bearish, Sei’s price is likely to fall.
    • Adoption and usage of Sei Network: If the Sei Network gains more adoption and usage, the demand for SEI tokens is likely to increase, which could drive up the price.
    • Listing on major exchanges: If Sei gets listed on major cryptocurrency exchanges, it could increase its visibility and liquidity, potentially leading to a price increase.
    • Regulatory developments: Regulatory developments related to cryptocurrencies could have a significant impact on Sei’s price.

Medium Term (Next six months)

  • Expected price: $2.67
  • Factors to Consider:
    • Overall market sentiment: The cryptocurrency market is currently in a state of flux, but there is some optimism that the market will begin to recover in the next few months. This could lead to an increase in the price of Sei, as investors become more confident in the cryptocurrency.
    • Technical analysis: The price of Sei has been trending upwards in recent weeks, and this trend could continue in the near future. Additionally, the Relative Strength Index (RSI) for Sei is currently above 70, which indicates that the cryptocurrency is overbought. This could lead to a short-term pullback in the price of Sei, but it is likely to resume its upward trend in the long term.
    • On-chain metrics: The number of active addresses on the Sei network has been increasing in recent months, which indicates that there is growing interest in the cryptocurrency. Additionally, the Sei blockchain has been growing rapidly, which suggests that the network is being used by more and more people. This could lead to an increase in the demand for Sei, which could drive up the price.

Long Term (Next five years)

  • Expected price: $2.17
  • Factors to Consider:
    • These are just predictions, and the actual price could be much higher or lower.
    • The cryptocurrency market is influenced by various factors, including regulations, adoption, technological advancements, and overall economic conditions.
    • It’s crucial to do your own research and consider your risk tolerance before making any investment decisions.

Recent Updates from SEI

On May 15, Sei announced  a three-phase V2 upgrade plan to launch the first highly scalable parallel EVM. According to Sei’s official blog , the upgrade will be implemented in three stages: governance, Alpha release, and V2 readiness.

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.

SEI Price History

Now, let’s examine the, admittedly comparatively short, 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 price history
SEI price in 2023 and 2024. | Credit: CoinMarketCap

SEI first came onto the open market in August 2023. At the start of trading on August 15, it was worth $0.007989. That price still serves as its all-time low, because it soon went up to a high of $0.2086 before closing the day at $0.1776. 

The following day, it shot to an early all-time high of $0.2736. On August 17, the market crashed following the news that Elon Musk’s SpaceX had sold billions of dollars worth of Bitcoin. SEI slumped and, on August 29, it reached an all-time low of $0.119. 

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 somewhat. By May 28, 2024, SEI was worth about $0.5470.

At that time, there were 2.93 billion SEI in circulation, out of a total supply of 10 billion. This gave the coin a market cap of around $1.61 billion, making it the 61st largest crypto by that metric.

Sei Historical Price Data

Period Sei Price
May 28, 2024 $0.5470
May 21, 2024 $0.5715
April 28, 2024 $0.5984
February 28, 2024 $0.8785
May 28, 2023 NA
Launch price (August 16, 2023) $0.1808
All-time high (March 16, 2024) $1.1172
All-time low (October 19, 2023) $0.09632

SEI Price Analysis

SEI Price Analysis
SEI could reach an all-time high, but will need to stay above $0.60 | Credit: Nikola Lazic/TradingView

The price of SEI reached a high of $1.15 on March 15, concluding its lasting uptrend from October 2023’s low of $0.10. A downturn followed, forming a descending channel.

On April 13, SEI dropped to a low of $0.41 but quickly recovered, closing the day at $0.48. At that time, the daily chart’s RSI dipped to 25%, indicating oversold conditions, before climbing to 50% then. Meanwhile, the MACD indicator signaled the onset of an uptrend on April 19.

SEI recovered to nearly $0.70 by April 22 and retested its low on May 13. Finding support above $0.40, SEI experienced a 33% rise to $0.60, approaching its descending resistance. A breakout above this level took place. This could, potentially, lead the price to rise above its previous all-time high.

On the other hand, if it faces rejection at the descending resistance, SEI might encounter further declines before embarking on a new bullish phase, with the it potentially dropping to around $0.30.

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, 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.

Who Owns the Most Sei (SEI) Tokens?

On May 28, 2024, one wallet held 40.00% of SEI’ supply.

Richest SEI Wallet Addresses

As of May 28, 2024, the five wallets with the most Sei tokens were

  • 0x4534c888e267ef526bd0e11652e87b94b6d543ae. This wallet held 399,998,900SEI, or 40.00% of the supply.
  • 0x5e2c8ccd7816981811649d879b285d2fcf7e7115. This wallet held 149,602,752SEI, or 14.96% of the supply.
  • 0xa7f3b1185633ecc6bedbc9302caef95978d4deef. This wallet held 100,000,000 SEI, or 10.00% of the supply.
  • 0xf1a86b3033ae89e38004af1b9fa13a349e40aca4. This wallet held 100,000,000 SEI, or 10.00% of the supply.
  • 0x670aa28cbc27dabee141b2d0e9bf5d20a5e0db5e. This wallet held 100,000,000 SEI, or 10.00% of the supply.

Fact Box

Supply and distribution Figures
Total supply 10,000,000,000
Circulating supply (as of May 28, 2024) 2,925,000,000 (29.25% of total supply)
Holder distribution Top 10 holders owned 94% of supply, as of May 28, 2024

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. 

Sei Attention Tracker

Sei Google search volume
Sei Google search volume. | Credit: Google

Here is a chart for Sei Google search volume for the past 90 days. This represents how many times the term “Sei” has been Googled over the previous 90 days.

FAQs 

How many Sei are there?

As of May 28, 2024, there were 2.93 billion SEI in circulation, out of a total supply of 10 billion.

Will Sei reach $10?

It might do, but not for some time. PricePrediction.net says it can reach double figures by 2031 while DigitalCoinPrice thinks SEI can reach $10 in 2033.

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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