SEI's price is showing significant growth after breaking a key resistance level, which could herald further changes on the market.
Breakout of Descending Trendline
SEI has been experiencing a price surge over the past week, which may not stop just yet. Following a prolonged period of stagnation, SEI has broken a significant descending trendline. This event has become a strong signal for traders. Analyst Crypto Auris noted that following a 40% gain in just 24 hours, SEI continues to exhibit strong bullish signs.
On-Chain Activity and Resistance Level
Following the breakout of the trendline, SEI's price surged into a key resistance zone between approximately $0.26 and $0.28, which has held prices back in the past. Crypto Auris pointed out that the current market movement is at a decision point: if bulls can flip this resistance zone into support, SEI could be in for another move up. Additionally, SEI currently has over 7.6 million active addresses, and transaction volume is up by 30%, indicating increasing user engagement.
Future of SEI and Price Predictions
According to Crypto Auris' analysis, if the current momentum continues, the price of SEI could target the $0.30 to $0.36 range. Furthermore, he suggested that a 2x move from current levels is not out of the question, which could bring SEI closer to the $0.50 range, although new resistance may arise along the way.
SEI is showing positive changes in the market, and its dynamics in the coming days will be crucial for potential further growth.
