Sei Price Prediction 2024: Has V2 Affected SEI’s Price?

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.
• Its recent integration with USDC has caused some excitement.
• One SEI price prediction said it could reach $1.30 in two years’ time.

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 January 29 2024, SEI was worth about $0.6585.

Sei did not immediately 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 December 20, 2023.

Sei Coin Price Prediction

Let’s take a look at some of the SEI price predictions that were being made as of December 20, 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. 

First, CoinCodex  had a short-term SEI price prediction which said the coin would drop to $0.6356 by February 3 before recovering to $0.6681 by February 28. 

SEI Price Prediction for 2024

DigitalCoinPrice  thought SEI could reach $1.35 this year. Bitnation  said the crypto would hit $1.66. PricePrediction.net   thought it would trade at $0.8844 in 2024.

Sei Price Prediction for 2025

DigitalCoinPrice thought the coin would get to $1.53 in 2025. Bitnation said the coin would hit $2.32 in next year. PricePrediction.net was more cautious, saying it would reach $1.24 then.

Sei Price Prediction for 2030

In terms of a long-term Sei price prediction, DigitalCoinPrice said the coin would reach $4.78 in 2030. Bitnation thought it would reach $5.63 then. PricePrediction.net was more confident and said SEI would reach $7.77 at the start of the next decade. 

Google Bard AI Price Prediction for SEI (as of January 29)

Google’s BardAI made the following price prediction for SEI on January 29. Keep in mind that price predictions very often turn out to be wrong, but that artificial intelligence should not be fully trusted.

Short Term (Next 3 months):

• Slightly bearish: Technical indicators suggest a potential downward trend in the coming months. The 50-day moving average is currently sloping down, and the Fear & Greed Index is hovering around neutral. Additionally, the broader cryptocurrency market is facing some uncertainty, which could spill over to Sei.
• Target range: $0.60 – $0.70.
• Reasons: Technical indicators, broader market uncertainty.

Medium Term (Next 6-12 months):

• Mixed outlook: This timeframe becomes more nuanced as several factors come into play. The success of Sei’s development roadmap, adoption within the Cosmos ecosystem, and overall crypto market sentiment will all be crucial determinants.
• Target range: $0.70 – $0.90.
• Reasons: Development roadmap, Cosmos ecosystem adoption, general crypto market trends.

Long Term (Next 3-5 years):

• Potentially bullish: If Sei can effectively establish itself as a leading decentralized exchange platform for derivatives, its long-term prospects appear promising. The growing demand for derivatives in the DeFi space and potential network effects within the Cosmos ecosystem could fuel price growth.
• Target range: $1.00 – $2.00+.
• Reasons: DeFi derivatives demand, Cosmos ecosystem integration, network effects.

Important caveats:

• These are just potential scenarios, and the actual price can deviate significantly depending on unforeseen events or market fluctuations.
• Always conduct your own research and never invest more than you can afford to lose.

Additional factors to consider:

• Upcoming development milestones for Sei
• Regulatory landscape for cryptocurrencies
• Overall adoption of DeFi and derivatives within the blockchain space

Recent Updates from SEI

Sei, which is working on its V2 upgrade, said it was working on becoming carbon neutral in December. In a blog post , it said it would use renewable energy, sourced via renewable energy certificates (RECs).

The RECs will be issued by decentralized climate asset market Jasmine Energy.

Sei co-founder Jai Jog said: “As longtime builders of blockchain technology we heard and understood the complaints about the impact of the energy used by POW consensus protocols. While we chose to build Sei as a POS chain, we’re proud to partner with a fellow innovator in Jasmine Energy to leverage their tokenized Renewable Energy Certificates to ensure the Sei Blockchain’s operations are effectively carbon neutral.”

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 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 January 29 2024, SEI was worth about $0.6585.

At that time, there were 2.4 billion SEI in circulation out of a total supply of 10 billion. This gave the coin a market cap of around $1.6 billion, making it the 47th-largest crypto by that metric.

Sei Price Analysis

The SEI coin started an uptrend in late October 20 last year. It rose more than 800% to reach its all-time high in January. The rise came in five waves, a typical pattern for an uptrend. After reaching its peak, it dropped by around 40% to $0.56. 

This could have marked the completion of this uptrend, with the following downtrend being part of a much larger retracement. However, the price is still inside the trendline and now interacts with its support level. 

If it falls, SEI could drop to $0.22 but if it is able to bounce back, it could reach yet another high. This means that this uptrend has one more upward movement before it ends. 

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. 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. Although it does appear to offer a good deal, we don’t know if DEXes will move to the new blockchain or stay where they are. 

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.

Fact Box

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

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 

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.

About the Author

Peter Henn

Peter Henn has been a journalist since 2005. In that time, he has written for a variety of publishers including the Mail on Sunday and the Daily Express. He has previously covered the world of cryptocurrency for Currency.com and Capital.com, and has also written for ECigIntelligence.com and CBD-Intel.com. A graduate of the University of Liverpool, he is based in the United Kingdom. His hobbies include music, horse racing and performance art.

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