What’s Up With $SEI Today? New ATH After 35% Rally
Key Insights
- SEI has rallied 35% in the last day, reaching an all-time high of $0.2988.
- SEI's impressive performance is due to high trading volume, social activity, and positive market sentiment.
- SEI's correlation with Bitcoin is positive, suggesting further growth.
- SEI is likely to retest the $0.26 high before continuing its rally to $0.3633.
The crypto market is currently bullish. Especially with how Bitcoin has just broken past the $38,000 zone and is now free to explore $40,000 or higher if a break and close occurs.
However, one cryptocurrency appears to be bullish above all else.
Sei, ranked the 75th largest cryptocurrency by market cap, has emerged as the best-performing asset on the market, over the last day.
Let's go over SEI's success.
SEI Goes Parabolic
According to data from CoinMarketCap, SEI has gone parabolic over the daily, weekly and monthly timeframes.
What's amazing is how the cryptocurrency has rallied by about 35% over the last day, to hit an all-time high of about $0.2988.
As shown above, SEI has registered a weekly gain of more than 60% and a monthly gain of about 150%.
SEI's market cap has also risen to about $645 million over the same timeframe, shifting it further up to ranking as the 75th largest crypto by market cap.
Sei's Impressive Performance
Sei owes its impressive performance on all timeframes to several factors, including its consistently high trading volume, social activity, and positive market sentiment.
Another factor that has contributed to this impressive performance on SEI was the strategic investment from Circle, the issuer of USDC.
Circle announced last week, that it was investing in Sei as part of plans for Africa, where Sei has a strong presence.
Over the last day, SEI's trading volume has ralled for some reason and has overshadowed its market cap at around $796 million (keep in mind that it has a market cap of about $600 million).
This suggests that there is a massive amount of liquidity on the SEI network, as a result of its price increase.
Overall, Sei's correlation with Bitcoin is positive, meaning that it is inclined to continue its ascent over the coming days.
Here's What To Expect From SEI
SEI has been bullish throughout November, as shown below.
According to the 4-hour chart, SEI started its journey from price levels as low as $0.1.
However, throughout November, the cryptocurrency has more than doubled and is now trading at around $0.27.
SEI trades on top of the ascending curve as shown above, and may have hit a resistance zone around the recent $0.2988 all-time high it hit earlier today.
This explains its decline from this high, to where it now sits at around $0.2715.
The likely course of action for SEI is a retest of 25 November's $0.26 high, in an attempt to create a higher low.
If the bulls can maintain the price of SEI above this price level, we are bound to see a continuation of the cryptocurrency's rally to the upside, before a retest of the $0.3633 zone as highlighted by the Fibonacci retracement tool.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.