Here’s Why the Sei Price Is on the Verge of a Major Rally
Sei price has pulled back and moved into a bear market after falling by 22% from the year-to-date high.
Summary
Sei is down 22% from its yearly high but remains in a bullish technical structure, bouncing from key support levels.
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Sei (SEI), a top layer-1 network, was trading at $0.30 on Thursday, a few points above this month’s low of $0.2635. Here are some of the top reasons why the Sei token is on the verge of a bull run.
Sei price technicals are bullish
The daily chart shows that Sei has been in an uptrend since bottoming at $0.1250 in April. The rebound has formed a series of higher highs and higher lows, creating an ascending channel. The token is now bouncing from the lower boundary of that channel.
Sei has also reclaimed the 50-day and 100-day Exponential Moving Averages, both of which have acted as strong dynamic support. Additionally, price has moved above the 23.6% Fibonacci retracement level.
Therefore, technicals suggest that it has more upside as buyers target the upper side of the channel at $0.3890, up by 30% above the current level. A jump above that level will point to more gains to the 50% retracement point at $0.4312.