SEI Emerges as the Latest Altcoin Favorite With Its Breathless Rise

As a layer 1 blockchain optimized for the exchange of digital assets, SEI has emerges as a crypto favorite of recent times with its breathtaking rise. Sei Network launched in August 2023 as a trading-focused blockchain backed by leading investors Jump Crypto and Multicoin Capital. It is emphasized that it was designed with a focus on speed, low fees and features that support trading apps. SEI, which has attracted great attention from investors lately, manages to attract more attention by hitting a new ATH almost every day.

SEI is currently trading around $0.72, when we look at the daily chart it seems that it has hit a new ATH 5 times in the last 7 days, which is a truly great achievement. On January 2, 2024, it hit a new ATH at $0.8. SEI, which was traded at $0.23 on December 18, 2023, appears to have increased by approximately 213% in 2 weeks compared to its current price. The recent token trading frenzy on blockchains like Solana and Avalanche is driving speculators to bet on blockchains other than the perennial favorite Ethereum, and networks like Sei are also taking advantage of this.

According to Coinmarketcap data, SEI's market cap exceeded $1.676 billion, while its 24-hour trading volume exceeded $841 million.​ Additionally, its futures open interest or the number of unsettled contracts, increased to $228 million yesterday from around $69 million in December, which clearly shows how great the interest in SEI is. If the dominance of buyers continues, SEI looks likely to exceed $1 soon, but if a selling wave occurs, it may return below $0.62. According to Fibonacci, resistance levels are as follows; It appears at $0.77, $0.96, and $1.10. If there is a sales wave, price support levels appear at $ 0.62, 0.53, and 0.42, respectively.

Additionally, Meme coin SEIYAN, a cult term for SEI holders, increased by nearly 400% last week and can be said to contribute to the growth of the Sei ecosystem. Considering investor behavior; SEI signals that it may hit a new ATH in the short term.

I earned some SEI from Binance launchpad in September 2023, but I sold them all for around $0.2, frankly, I do not regret it because I earned it just by staking BNB without making any purchases. Also, such rises in the native tokens of such projects do not surprise me. But it surprises me that the native token of a blockchain like HIVE, which is very fast, has no transaction fees and has a strong infrastructure, is trading around $0.37. But still, short-term pricing does not matter much, I am sure that HIVE will be more appreciated and adopted more in the future because I think HIVE is the best. Also, it looks like it will be quite interesting to watch the performance of altcoins in 2024. Frankly, I personally think that 2024 could be a very exciting and active year for some altcoins, especially Bitcoin.

Thank you for reading
@rtonline

This is not investment advice, just my personal opinions. As with all money markets, anything can happen at any time in the crypto market, so please do your own research before investing.

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