Wednesday, at least for now, belongs to SEI. Its stock price surged more than 27%, which means SEI is currently trading at around $0.46.

Sei (SEI) is a first-layer blockchain and a competitor to many networks such as SUI, Solana, etc. In fact, many people believe that SEI is a direct competitor or even a clone of SUI.

However, SEI has a significantly lower market cap of around $1.6 billion, while SUI is now worth over $4.5 billion. Of course, Solana is a massive project with a current market cap of around $70 billion.

Comparing SEI, SUI and SOL: Technical Analysis
Analyst "Donovan Jolley" compared the charts of SEI, SUI, and SOL and found interesting similarities in their price patterns. The chart of SOL shows that after a period of consolidation at low prices, the stock price rose exponentially, eventually achieving a massive breakout and rapid rise. This shows that SOL's potential was recognized very early, which triggered a parabolic rebound.

SUI’s price action is similar to SOL’s early patterns, with a 1-2 wave structure hinting at a potential bottoming process. Currently trading around $1.67, SUI is showing signs of recovery and could be preparing for a larger rally if conditions remain favorable.

SEI is also showing a similar 1-2 wave structure to SUI and SOL. After a sharp correction, SEI is showing early signs of a potential recovery, trading around $0.46. If SEI can hold support around $0.368 and continue to break through resistance, it may be able to replicate SOL's past bull cycles.

The 1-2 wave pattern is a key pattern that indicates a possible reversal after consolidation and bottoming. Both SEI and SUI show these characteristics, suggesting the possibility of an upside. The current price of SEI is similar to the pre-breakout structure of SOL in the 2021 cycle, with a bottoming pattern and a gradual upward trend.

Top tweets highlight bullish indicators for SEI
A recent tweet about SEI by “Cryptoinsightuk” went viral, highlighting several bullish indicators for the cryptocurrency. The price has clearly broken out of a short-term consolidation range, with recent swing highs around $0.4164 and $0.3719. The breakout appears to be impulsive, which is often seen as a strong bullish sign.

The price has risen sharply from the lows to around $0.4594, which shows that buyers are in control. This upward momentum is likely to continue if the resistance area holds as new support.

Open interest (OI) in the SEI futures market is rising, indicating that the number of open positions is increasing. This is often combined with rising prices and is considered a bullish sign as it shows high market participation.

Interestingly, the funding rate is negative (-0.017), which means that there are more shorts than longs in the market. This sets the stage for the possibility of a short squeeze, where traders betting on falling prices may be forced to cover their positions through buybacks, which could further accelerate SEI's price rise.

Spot volume increased significantly (109.493M), indicating strong demand for SEI in the spot market. High spot volume supporting price action is usually a strong confirmation of real demand, reinforcing the idea that the rally may continue.

The article is for reference only and does not constitute investment advice.