SEI rises strongly, or replicates the glory of SOL?
The SEI blockchain took center stage on Wednesday, with its price surging more than 27% and now trading close to the $0.46 mark. As a layer 1 blockchain solution, SEI is actively competing with leading networks such as SUI and Solana, and some observers even regard it as a direct challenger to SUI.
Although SEI's market value is currently only about US$1.6 billion, which is still far behind SUI's US$4.5 billion and Solana's US$70 billion, its recent performance cannot be ignored. From the perspective of technical analysis, the trend of SEI is similar to that of SOL and SUI in certain critical periods. In particular, they both exhibit a 1-2 wave structure, which is often regarded as a precursor to price bottoming out.
SEI's price breakthrough appeared particularly decisive, not only successfully crossing the short-term consolidation range, but also forming a new support point at a high level. This strong upward momentum, coupled with the increase in open interest in the futures market, together constitute a strong support for the SEI to continue to rise in the future. In addition, the significant growth in spot trading volume further proves the market's strong interest in SEI, providing impetus for its price to continue rising.
Financing interest rates in the current market are negative, reflecting the relative strength of short positions. However, this situation has also created the conditions for a short squeeze, which could further drive rapid SEI price gains once shorts are forced to cover their positions.
SEI is showing the potential to become the next market star. Although its road ahead is still full of unknowns and challenges, its positive performance in technology, market demand and investor confidence has undoubtedly laid a solid foundation for its future development. As for whether SEI can truly replicate the glory of SOL, or even surpass its predecessors, it remains to be verified by time.
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