May 20, 2024
Crypto

SEI Price Surges by 65%: How High Will the SEI Price Go in 2024?


Sei’s SEI coin, operating on layer 1 blockchain technology, attained its highest value in late December 2023. Launched in August of the same year, the cryptocurrency achieved an open interest exceeding $160 million in the derivatives market. This milestone followed the platform’s announcement of its commitment to becoming carbon neutral. This article is all about SEI Price prediction 2024 and how high will SEI price go in 2024? Let’s take a look at this in more detail.

What is SEI?

The Sei project stands out as a sector-specific layer 1 blockchain designed specifically for trading purposes. Setting itself apart, Sei introduces innovative techniques for transaction ordering, block processing, and parallelization tailored for exchanges. Additionally, the Sei project provides a highly optimized order placement and matching engine seamlessly integrated into the blockchain.

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How has the SEI Price moved in recent days?

SEI/USD Daily Chart- TradingView

As of now, the Sei price stands at $ 0.650384, accompanied by a 24-hour trading volume of $ 960.68 million. The market capitalization of Sei is $ 1.50 billion, contributing to a market dominance of 0.09%. Over the past 24 hours, the SEI price has witnessed an 11.56% increase. In the last seven days the SEI price has increased by more than 65%.

On January 1, 2024, Sei achieved its peak price, reaching an all-time high of $ 0.651399. The lowest recorded price for Sei is currently unavailable, marked as n/a, with an all-time low of $ 0.00. Following its all-time high, the lowest price experienced since then was $ 0.634931 (cycle low), while the highest was $ 0.639093 (cycle high). Presently, the sentiment for Sei’s price prediction is bullish, and the Fear & Greed Index indicates a reading of 65 (Greed).

Sei’s circulating supply currently amounts to 2.30 billion SEI out of a maximum supply of 10.00 billion SEI. Within the Proof-of-Stake Coins sector, Sei holds the 12th position, and in the Layer 1 sector, it is ranked 30th.

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exchange comparison

Why is SEI Price Up?

The surge in investor interest in SEI can be attributed to several key factors in recent times. The Sei Network reaching a milestone of over 1 billion transactions is a significant indicator of growing real-world adoption. For instance, 

  • Atlantic-2 Testnet: Sei created a testing environment called Atlantic-2 to simulate and evaluate its blockchain network before deploying major updates or changes to ensure they work smoothly.
  • Strategic Raise: Sei secured additional funds through strategic fundraising, likely from investors or partnerships, to support its development and growth initiatives.
  • Pacific-1 Mainnet beta: Sei launched the beta version of its Pacific-1 Mainnet, indicating progress toward the full release of its main blockchain network for users and developers.
  • Fastest Chain at 390ms ttf: Sei achieved a notable technical milestone by reducing its time-to-finality (ttf) to an impressive 390 milliseconds, making it one of the fastest blockchain networks in terms of transaction confirmation.
  • 1.1 Billion Transactions, zero downtime: Sei processed an extraordinary 1.1 billion transactions on its blockchain, showcasing its scalability and reliability with zero instances of system downtime.
  • Parallelized the EVM internally: Sei implemented internal parallelization of the Ethereum Virtual Machine (EVM), a crucial component for executing smart contracts, which can enhance the efficiency and speed of decentralized applications on the Sei blockchain.

Furthermore, strategic partnerships with entities such as Kryptonite and Gecko Terminal underscore Sei’s expanding ecosystem. Simultaneously, planned upgrades like EVM compatibility enhance Sei’s attractiveness for decentralized app developers.

Comparisons drawn with networks like Solana have heightened expectations of SEI attaining higher valuations as its adoption continues to increase. The endorsement from major venture firms, including Multicoin Capital, adds credibility to Sei’s position as a promising Layer 1 contender.

When coupled with positive technical indicators, these favorable conditions have contributed to the recent upward movement in SEI’s price.

How high will the SEI Price Go in 2024?

Over the past 30 days, SEI has demonstrated remarkable strength in its price performance, recording an impressive 17 green days, accounting for 57% of the observed period. This consistent positive trend suggests a robust and sustained demand for SEI in the market. 

Trading in proximity to its all-time high indicates a strong bullish sentiment among investors, with the potential for further upward movements. The fact that SEI maintains such a position near its peak suggests sustained buying interest and confidence in the cryptocurrency. 

Moreover, SEI’s high liquidity, as indicated by its substantial market capitalization, positions it as a favorable choice for traders and investors alike. 

This combination of positive price action, proximity to the all-time high, and high liquidity levels bodes well for SEI’s future trajectory, potentially paving the way for continued growth and positive market sentiment. 

The revelation that less than 23% of the total supply of SEI is currently in circulation adds an intriguing layer to the cryptocurrency’s dynamics. This relatively low percentage in circulation implies a considerable portion of SEI tokens is held, perhaps for long-term investment or strategic purposes. 

Such a distribution pattern can have implications for market liquidity and price volatility. With a substantial portion of the total supply held outside active trading, the potential impact of new market developments or increased demand could be amplified. 

It also raises questions about the intentions of token holders and their role in shaping the future trajectory of SEI. As investors navigate the crypto landscape, this aspect of supply distribution becomes a crucial factor to monitor, influencing market dynamics and the token’s responsiveness to external factors.

The recent surge in SEI’s price has undoubtedly sparked excitement, yet the sustainability of this upward momentum hinges on the project’s ability to secure long-term adoption and make substantial progress in its development. The successful delivery of planned upgrades, especially those involving EVM compatibility and cross-chain interoperability, holds the potential to broaden the scope of use cases and attract a larger user base.

The validation of SEI’s value proposition would come through the onboarding of new decentralized applications (dApps) and users, while strategic integrations and partnerships would play a pivotal role in establishing network effects for this emerging Layer 1 blockchain. Ultimately, real-world adoption of SEI needs to align with its fundamental utility to justify positive price action over time.

Despite short-term market dynamics influenced by technical indicators, SEI’s enduring success rests on its evolution as a smart contract platform. Achieving milestones in performance, scalability, and overall functionality would solidify SEI’s standing as an attractive blockchain option for developers and users alike.

However, inherent risks accompany the execution of these ambitious plans. The Sei team must navigate challenges to deliver on promises and differentiate itself from competitors in the evolving blockchain landscape. 

If successful, the realization of roadmap goals may support a bullish long-term outlook for SEI, emphasizing the importance of both fundamentals and execution in shaping the cryptocurrency’s trajectory. In contrast to other cryptocurrencies that rely heavily on marketing and community sentiment, SEI’s emphasis on practical advancements and real-world application sets it apart in the crypto space.

Considering the factors mentioned earlier, including the recent price surge, the potential for long-term adoption, and the successful execution of planned upgrades, a plausible trading range for SEI could be projected between $ 0.588659 and $ 0.809823. If SEI manages to reach the upper end of this range, it would signify an increase of approximately 23.40%, bringing the price to $ 0.809831. 

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