The layer 1 (L1) market has regained momentum as the price of altcoin leader Ethereum has maintained above $2,600. Notably, some altcoins have recorded double-digit gains in the past seven days. This shows that altcoin dominance in the crypto space is on the rise.
Subsequently, investors began to speculate that altcoin season might be coming. In addition, questions such as “Is now a good time to invest in cryptocurrencies?” and “Has the altcoin rally started?” also swept the Internet.
SUI (Sui) Price Analysis
Although SUI stock has fallen 3.14% over the past day on a trading volume of $605.93 million, the stock price has risen 26.04% over the past week. In addition, the stock has risen 86.71% over the past month, with a year-to-date return of about 120%.
The Simple Moving Average (SMA) continues to provide support for the SUI price chart on the 1D timeframe. Additionally, the MACD indicator is showing a constant green histogram. This suggests that the SUI price will continue to rise in the coming week.
If the market continues to trade under the bullish sentiment, this could lead the SUI price towards the yearly high of $2.1850. Conversely, if there is a bearish reversal, the SUI token price could drop to a low of $1.290.
SEI (SEI) Price Analysis
The SEI token price has risen by about 35% in the past week, successfully breaking through its important resistance level of $0.4085. In addition, the SEI token price has risen by 37.18% in the past month. This shows that the market has a long-term bullish sentiment towards altcoins.
The Relative Strength Index (RSI) continues to trade above the overbought range on the 1D timeframe. Moreover, its 50/200-day EMA is on the path of a golden crossover. This highlights the bullish outlook for the altcoin in the coming period.
Sustaining the price above the support at $0.4085 will set the stage for SEI price to move towards the resistance at $0.6015. On the other hand, a bearish reversal could pull the price of SEI token towards its lower support at $0.2265 in the coming weeks.
