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After breaking out of a bullish formation, SEI is attempting to reclaim a crucial level to continue its rally. Some analysts suggest that the cryptocurrency is preparing for another massive rally toward the $0.50 resistance.
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SEI Leads Crypto Market
As the market recovers from the recent pullback, SEI has soared from its local low and broken out of crucial levels. Earlier this week, the cryptocurrency pulled a nearly 100% rally from its 16% drop.
Notably, SEI’s price followed the rest of the market last week and retested the $0.15 level, a support not seen since early April. Over the weekend, the altcoin recovered the crucial $0.20 area before jumping nearly 70% at the start of the week.
Since then, the token has been hovering between $0.24 and $0.29, attempting to break out of the $0.30 resistance on Friday morning.
Following this performance, analyst Sjuul from AltCryptoGems named SEI the “Bull of the week,” highlighting the cryptocurrency’s “beast mode” fueled by “the record on-chain activity of the token that has brought in new investors and whales” to the network after the breakout.
Notably, the cryptocurrency is leading the top 100 cryptocurrencies list with a 43% weekly surge, surpassing the performance of market leaders Bitcoin (BTC) and Ethereum (ETH).
Crypto Raven noted that SEI “has done a great job of breaking out as the market is looking very fresh right now,” suggesting the cryptocurrency could rally another 70%. Per the post, “if the market supports a bit more, we can very well reach $.5 from here. Back to the glory days of SEI.”
Nonetheless, the market watcher considers that the altcoin could consolidate around the current area for a short period before continuing its rally toward the Q4 2024 levels.
$0.28 Reclaim Needed For Bullish Continuation
Analyst Nebraskangooner highlighted a four-month inverse Head and Shoulders (H&S) pattern on SEI’s chart, noting that it was confirmed after this week’s breakout. The cryptocurrency broke out of the formation’s neckline after Wednesday’s price action, pointing out that “anything down to key support would be a solid retest spot.”
After the retracement to the $0.27 area, the cryptocurrency retested the neckline, which SEI must hold for bullish continuation. Notably, SEI’s price has held this level despite closing around the $0.25 mark on Thursday.
Similarly, Michaël van de Poppe affirmed that SEI will likely continue to rally as a “massive” bullish divergence on its trading pair against Bitcoin suggests that the cryptocurrency’s price is reversing. Based on this, the analyst forecasted that investors could “see 300+ sats soon.”
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Meanwhile, market watcher The Wyckoff Architect shared a Low Time Frame (LTF) analysis on SEI’s price action. To the analyst, a reclaim of the Fair Value Gap (FVG) at $0.285 will confirm bullish continuation, with the cryptocurrency consolidating before breaking out.
On the contrary, failing to reclaim and hold this area would trigger a bear scenario and risk a drop to a new local low.
As of this writing, SEI is trading at $0.28, a 12% increase in the daily timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com