As the top cryptocurrencies gained slightly, altcoins also started to rise, with popular tokens leading the way with gains of more than 20%.
The prices of SEI and SUI have increased significantly as these tokens have been showing an upward trend in weekly trading and are believed to remain high until the end.
The cryptocurrency market has surprised financial markets with a swift rebound following the Federal Reserve’s rate cut as traders remain on high alert. Bitcoin price has broken through the key $62,000 resistance level and is approaching the critical $62,500 resistance level, which is considered an important milestone to maintain the bullish trend.
Meanwhile, several altcoins such as Sei and Sui have shown tremendous strength as they look to reclaim key resistance levels by the end of the month.
SEI (SEI) price is ready for a sharp recovery. Since the beginning of the year, SEI price has plunged by more than 75%, from a high of $1 to a low of $0.2. Since then, the coin has not been able to rise above $0.4, which increases the possibility of a return to the yearly high of $1.
Additionally, the increase in trading volume suggests that people believe that bulls will dominate for the rest of 2024.
Since July, SEI has bounced between $0.22 and $0.24 several times. The recent up move broke through previous resistance, and if it holds at this level, SEI is expected to rise more than 30% this week. In addition, the Ichimoku Cloud has turned bullish, while the OBV has also rebounded from its lows.
Therefore, the price is expected to rise and reach the resistance zone between $0.438 and $0.459, and a break above these levels could push the coin above $0.55. This could pave the way for SEI price to regain the lost ground above $1.
In addition, the Swiss franc (SUI) price is expected to rise by 40% soon.
SUI price hit a new high of over $2 in the first quarter when Bitcoin price hit a new high of $73,750. Similar to the previous rally, SUI price has once again experienced a parabolic recovery and the recent rally has pushed the price higher from the local lows. However, the price has already triggered a double-digit rally and is expected to hit new highs soon.
The price of SUI seems to be rising at a fast pace and is expected to rise to a new high. However, the price recently broke out of the rising wedge and may face some resistance. In addition, the RSI indicator shows that it is overbought and some pullback may occur.
Therefore, the SUI price might see a small decline close to $1.25 which could trigger a nice rally to become a major support and set new highs in the coming weeks.
