SEI Token Holds Above $0.1850 Despite 11.23% Bitcoin Drop

SEI, the native token of the Sei layer-1 blockchain, has demonstrated notable resilience in the face of a declining cryptocurrency market. While major cryptocurrencies such as Bitcoin and Ethereum have experienced significant declines, SEI has managed to hold key support levels, showcasing its relative strength.

Renowned crypto analyst Michael van de Poppe has highlighted SEI’s performance, noting that the token has held above a crucial support level of around $0.1850. This region has historically served as a turning point for SEI’s price, and its ability to maintain this level indicates potential for a rebound. Van de Poppe suggests that if SEI continues to hold above $0.1850, it could initiate a notable surge towards a target of $0.30.

SEI’s recent performance stands in stark contrast to the double-digit declines experienced by Bitcoin and Ethereum over the past two weeks. Bitcoin, for instance, dropped from a local high of $110,587 to $98,240, reflecting an 11.23% loss. Ethereum fared even worse, declining nearly 27% from a quarterly high of $2,880 to $2,113. However, both cryptocurrencies have since recovered slightly, with Bitcoin surging 3.11% to $101,286 and Ethereum rallying 6.26% to $2,250.

Technical analysis further supports the potential for SEI’s rebound. While Van de Poppe identifies $0.1850 as a critical support level, the altcoin’s daily chart also indicates another region of untapped demand around the $0.1585 level. This suggests that even if SEI were to break below $0.1850, it could present an opportunity for investors to accumulate the asset at a lower price, potentially leading to higher profits. According to the analyst's forecast, SEI surged significantly by 70% last week before retracing to its current price of $0.1941.