SEI Price Explodes as Coinbase, Major Exchanges List — Can it Keep Rising?
SEI price increases by 650% on Binance listing
Key Takeaways
- SEI price spikes by 650% in the first five minutes of trading
- Price is still in an uptrend
- Chart analysis points at further upside potential
Binance, a leading global cryptocurrency exchange, listed SEI Network’s primary token, SEI, on August 15th along with other major CEXs. The anticipation towards this listing is bolstered by data from Aevo’s decentralized exchange pre-listing futures, indicating a potential opening price for SEI at 26 cents.
SEI Network unveiled bold plans, which include its mainnet launch and the distribution of SEI tokens across various esteemed exchanges. With this strategic move, SEI aims to secure a strong foothold in the cryptocurrency landscape, reaching out to investors on platforms such as Bybit, Kucoin, Bitgetglobal, MEXC, Gate.io, Kraken, and more.
The upcoming Binance addition comes after successful funding phases, propelling SEI Network to an impressive 36th position on Binance Launchpool, with a funding milestone of $35 million. Such strong financial backing underscores investors’ confidence in SEI’s potential and its progressive approach to blockchain technology.
It is no wonder why the SEI token has shot up in price. In the first five minutes of trading, it went from $0.064 to $0.48 at its highest point, making a staggering increase of 650%. It has cooled off since and is now trading around $0.26 but can it continue rising?
SEI Price Analysis
Since the token just entered the market we lack enough data for reliable analysis and price projection. However, by looking at the 5-min chart we can see clearly that the price is still in an uptrend.
Its first structure after the spike was a descending triangle, after which we saw further upside movement. The price spike and the descending triangle could be interpreted as the first phase of the price discovery. As it stabilized and the orders were settled at around $0.17, which is the triangle median point, it established its first support.
Since the price is on the rise, we assume it started its first five-wave impulse to the upside. If this is true, there is still more room to go before its completion. Most likely, we have seen the first two waves completed, with the price currently developing its third one.
Projecting the price target with the Fibonacci extension tool, we came up with the target of $0.43 to complete this five-wave impulse which would mean that the price is likely to revisit its spike levels.
This is only in the short-term, and we have yet to see how the price investor interest plays out.
Can it Keep Rising?
SEI made its market entrance on Binance with a circulating supply of 1.8 billion tokens, representing a subset of the overall supply of 10 billion tokens. This allocation setup equates to an initial market capitalization of roughly $471 million at the price of $0.262 per token, placing SEI in the 80. place according to its market cap.
This is already a high spot but it doesn’t mean that it can’t go higher. If the price reaches our target per chart analysis, it will increase by around 60%, putting SEI potentially above 50 top-ranked cryptocurrencies right between Axie Infinity and Algorand (47 and 46 ranks).
Would SEI justify that spot? As a layer one that is uniquely optimized for DeFi trading, Lido can be viewed as its main competitor. Lido is currently sitting at the 33 rank with a market cap of $1,518,287,695. So it is fairly possible that Sei reaches a position close to Lido.
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.
