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A little over a year since its debut, the SEI token has experienced remarkable growth, looking to break into the top 50 largest cryptocurrencies by market capitalization. The altcoin has been one of the best performers in the past few days while posting a double-digit gain in the last 24 hours.
Crypto Analyst Says Token Is Heading To $0.65 — Here’s How
In a recent post on the X platform, prominent crypto analyst Ali Martinez put forward an interesting projection for the price of SEI in the short term. According to the pundit, the cryptocurrency seems ready to continue its upward momentum and movement.
This bullish forecast revolves around the formation of the bull flag pattern on the SEI price chart on the four-hour timeframe. The bull flag formation often serves as a strong continuation pattern for upward price trends.
The technical analysis formation is characterized by a period of almost vertical upward price movement (the flagpole) followed by a slight consolidation period (the flag itself). While the bull flag pattern signals the potential for price to trend higher, it is necessary to wait for a successful break out of the consolidation for confirmation.
As observed in the chart above, the price of SEI appears to have broken out of the consolidation zone, with a four-hour candlestick closing above the upper boundary. According to Martinez, this recent price action puts the next stop for the token at $0.65, representing roughly a 20% rally from the current price.
As of this writing, the SEI token is valued at around $0.53, reflecting an almost 16% climb in the past day. The altcoin, which was mostly quiet all week long, is now up by nearly 18% in the last seven days, according to CoinGecko data.
Is SEI Following SUI?
Earlier in the past week, Martinez predicted that the price of SEI was soon going to follow the path of the red-hot SUI. Perhaps due to their similar names, these two crypto tokens have an almost identical price trajectory.
$SEI will follow $SUI… $1.60 next! pic.twitter.com/UA2a9hUSs1
— Ali (@ali_charts) November 11, 2024
It is worth mentioning that SUI, which is up by more than 50% in the past week, has been impressive long before positive momentum returned to the market. However, Martinez took to the X platform to share that SEI will follow SUI’s bullish footsteps — with $1.6 in its sights.
Featured image created by Dall-E, chart from TradingView
