SEI, a cryptocurrency attracting the attention of analysts, is showing signs of a bullish move. A chart shared by analyst Crypto Thanos on X highlights SEI’s potential to be a top performer, comparing it to AVAX. He noted that SEI is poised for a significant bull run in the coming months. Thanos also revealed that he has parked substantial funds in SEI, awaiting its rise. His analysis of SEI/USDT on Binance shows both short-term trends and long-term targets.
Breakout from Descending Channel
From March to September 2024, SEI traded within a descending channel. The price oscillated between two parallel lines, representing resistance and support. Throughout this period, the price trended downward without any significant recovery. However, in mid-September, SEI broke out of this channel.
This breakout signaled a potential end to the downtrend. The price began to rise, suggesting the possibility of a bullish reversal. The breakout could mark the beginning of a positive trend.
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After breaking out of the channel, SEI saw a price rally. The price rose from around $0.26 to $0.417. This upward movement indicates renewed market interest. According to the analysis, SEI could continue this rally toward a resistance zone between $0.55 and $0.85.
These price levels are significant. SEI previously experienced selling pressure at these levels in March and May 2024. If SEI can break through this resistance, it could see further gains.
Long-Term Targets
The analyst provides a long-term target of $2.00 for SEI. Achieving this target would not be easy because SEI would have to cross several resistance points. However, if successful, the new price would be potentially 411% higher than the current price. Crypto Thanos also equates SEI to AVAX, which earlier hit a $50 billion market cap.
However, SEI’s market capitalization at the end of this year is $1.5 billion. Such comparison indicates that there is ample opportunity to grow the price as well as the market capitalization if SEI is to emulate the trajectory of the comparison’s benchmark.
During this press, SEI is trading at $0.4104, with a 12.73% price decline in the last 24 hours. The trading volume stands at $541,705,003. Despite the recent drop, the outlook points to the potential for substantial long-term gains.
