SEI price soars by more than 80% – how high will AltCoin climb in 2024?

Due to the surge in demand, the price of the Sei Token has risen sharply. It hit an all-time high of $0.80, up more than 700% from its 2023 low, and currently has a Market Cap of over $1.7 billion. It is now among the most popular Crypto Assets worldwide.

After its launch in August of the same year, there were more than $160 million in Crypto Assets un Close Position contracts on the futures market. This significant achievement comes after the platform announced its intention to achieve carbon neutrality. The Sei network's key Decentralized Finance applications, including Astroport, Levana Perps, Fuzio, and White Whale Dex, are driving the network's steady expansion, although it's still a young ecosystem compared to its more established peers.

The total locked value of these dApps is around $6.39 million, which means that the Decentralized Finance TVL to Market Cap ratio is very high at 266. Ethereum is 9.6 and Tron is 1.3, and these ratios are dwarfed by Sei. The platform's potential for greater growth and value capture in the Decentralized Finance space was highlighted.

Figure 1 shows the price change of the Sei Crypto Assets over time. The price has been steadily rising since the beginning of 2024 and is currently trading at around $0.76.

Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are in the green zone, suggesting that there is still buying pressure on Sei and that prices are likely to continue to rise in the near term.

Since the beginning of 2024, Sei has been soaring, its price has more than doubled in just a few weeks; both the RSI and MACD indicators are in the green zone, which indicates that there is still buying pressure on Sei and the price may continue to rise in the short term; however, the RSI is also in the overbought zone, which means that the price may correct in the near future.

Overall, the chart shows that SEI is a bullish Crypto Assets with a lot of potential. However, it is important to keep in mind that Crypto Assets market Fluctuation is large, the price of Sei can change rapidly.

At the same time, the price of Sei is rising due to the launch of V2, which aims to be the first Blockchain with parallel EVM. This means that any Ethereum or Ethereum Layer 2 application can take advantage of SEI's improved speed and throughput.

(Source: Christian Encila)