📉 Setting up a short trade and you are the decision-maker 🤷‍♂️⬇️

• Entry Area:

$0.2180 – $0.2195

• TP1: $0.2110

• TP2: $0.2035

• TP3: $0.1980

• SL: Above $0.2290

# Analysis of Price Predictions for the $SEI Currency

Current Situation

The $SEI currency is experiencing a notable upward movement as its price rose from $0.1950 to around $0.2219 during the day, recording an increase of about 14% in recent hours. This rise comes amid a clear increase in trading volumes.

Main Market Drivers

Positive News:

- SEI selected for the stablecoin project in Wyoming: The SEI network was chosen as one of the finalists for the official stablecoin project "WYST" in Wyoming, granting it significant institutional recognition.

- Growth of network activity: The SEI network is witnessing a remarkable increase in activity, with daily transactions exceeding 1.5 million and more than 616,000 active wallets.

- Positive technology assessment: SEI received 30 points in the Wyoming government assessment, reflecting confidence in its technical capabilities.

Caution Factors:

- Cryptocurrency market volatility: The drop in Bitcoin price to $103,000 led to the liquidation of nearly half a billion dollars in cryptocurrencies.

- OTC fraud scandal: An OTC trading scam involving several cryptocurrencies, including SEI, was uncovered, exceeding $50 million.

- Competition with Aptos and Solana: In the WYST project, SEI faces strong competition from other platforms that scored higher in the assessment.

Technical Analysis

Important Levels:

- First support level: $0.2170

- Second support level: $0.2000

- Major resistance level: $0.2250

- Second resistance level: $0.2300

Movement Pattern:

Data shows that $SEI experienced a significant rise over the past 24 hours, with a notable jump from $0.2038 to $0.2219, indicating strong positive momentum supported by news of its selection for the stablecoin project.

Future Predictions

Short Term:

If the positive momentum continues, it may target #SEI level $0.2300 as the first target. However, it may face a slight correction due to the rapid rise, with the possibility of returning to the support level at $0.2170.

Medium Term:

As the WYST project progresses and network activity continues to grow, SEI may see further increases towards $0.2500 levels, especially if it is ultimately selected for the project.

Summary

SEI is supported by positive developments related to the stablecoin project in Wyoming and the growth of network activity. However, investors should exercise caution due to overall market volatility and recent fraud issues that have emerged in the cryptocurrency sector. Continuous monitoring of institutional and technical developments will be crucial for assessing SEI's long-term potential.

The information mentioned above has been researched and summarized through personal effort and does not constitute investment advice.