- The Sei Network (SEI) token is showing signs of recovery after breaking out from a bearish trend, with potential to reach the $1 mark if it surpasses the $0.600 hurdle and maintains trading momentum.
- However, risks of a pullback remain if the price drops below key levels, which could trigger strong selling pressure.
The Sei Network (SEI) has been a point of interest for investors, with its price movement capturing attention. After a long bearish trend, there are signs of a possible turnaround, but the big question is: does Sei have the potential to break through the $1 mark?
The Sei Network Rollercoaster
Since March, the Sei token has faced significant downward pressure, halting near the $0.250 mark on multiple occasions. Each time, buyers successfully defended this key support level. However, despite these efforts, the SEI token has struggled to escape the resistance created by a descending trendline.
Recently, the price broke out of this trendline, signaling a potential shift in momentum. This breakout allowed the SEI token to regain bullish momentum, with the price exceeding a crucial moving average. However, it’s worth noting that after such movements, pullbacks are common. Investors are now keenly watching the price action to see how SEI reacts post-breakout.
Can Sei Network Hit $1?
As of now, Sei Network trades at $0.479, with a neutral 24-hour price change. The market capitalization stands at $1.68 billion, and the trading volume in the past 24 hours has reached an impressive $333.02 million. Despite the current neutral trend, there’s optimism around SEI’s future potential.
A critical milestone lies at the $0.600 mark. Should the SEI token surpass this hurdle, the door could open for it to aim at the $1 mark. However, sustained trading volume will be essential to maintain upward momentum. Should the price breach the $1 barrier, some analysts believe SEI could soar even higher, possibly targeting the $5 to $10 range in the longer term.
The Risk of a Pullback
While the outlook is hopeful, risks remain. If SEI faces resistance and fails to hold the breakout, sellers may gain control again, particularly if the price drops below the 200-day exponential moving average (EMA). In this scenario, profit-taking could push SEI back down to $0.250, a critical support level that’s been tested before.
Several technical indicators are painting a bullish picture for Sei Network. The MACD (Moving Average Convergence Divergence) has formed a bullish crossover, signaling a potential upward trend. Similarly, the RSI (Relative Strength Index) has generated a golden crossover with its moving average, further supporting the bullish case.
Sei Network is showing signs of recovery, and while it’s not out of the woods yet, the token has potential to make a significant move. Surpassing $0.600 could be the first step toward the $1 mark and beyond, but investors should remain cautious of resistance levels and potential pullbacks. As always, monitoring trading volume and technical indicators will be crucial in assessing SEI’s next move.
