SEI Token Recovers 15% From Low, Eyes 50% Gain

SEI, the native token of the Sei layer-1 blockchain, has recently garnered attention from crypto analysts and traders alike. After weeks of fluctuating prices, SEI has shown signs of recovery, with its price currently trading around $0.20. This resurgence has sparked interest, particularly after the token bounced back from a low of nearly $0.17 earlier this month.

Crypto analyst Michaël van de Poppe has shared his insights on SEI's potential price trajectory. According to van de Poppe, if SEI can hold above a key support level around $0.1850, it could climb to $0.30. This prediction is based on the token's recent performance and its ability to maintain its current support level. Van de Poppe emphasized the importance of this support zone, stating that if SEI stays above it, there is a good chance it will reach $0.30, matching the price it hit back in May before its decline.

The SEI chart indicates that the token has been making higher lows, suggesting that buyers are stepping in. Additionally, the Relative Strength Index (RSI), which measures momentum, is rising but not yet overbought. This suggests that there might still be room for a move higher. The chart also shows increased trading volume on the green candles, indicating that more people are buying than selling.

The broader crypto market also plays a significant role in SEI's price movements. Bitcoin has been holding steady, and when this happens, smaller coins like SEI often have room to move. If Bitcoin remains stable or increases slightly, SEI could benefit from this positive momentum. However, if SEI drops below $0.1850, there is support around $0.1720. If this level breaks, the coin might continue to decline, losing its bullish setup.

Looking back at SEI's past performance, the token has experienced significant volatility. It reached highs near $0.87 earlier this year but has since lost over 75% of its value. This drop has shaken out weak hands but also reset the chart, creating room for a stronger base. Some traders see these lower levels as opportunities to buy before the next move.

There is growing interest in SEI's technology and its potential use cases. The project is known for its speed and low fees, which could make it attractive for developers and users over time. If more use cases emerge and the ecosystem grows, the fundamentals could start catching up with the chart, potentially driving the price higher.

Currently, a lot of attention is focused on the $0.21 level, which is the next barrier for SEI. If the token breaks through this level with solid volume, momentum could build quickly. Some traders are targeting $0.25 as a short-term stop on the way to $0.30. In summary, SEI is at a critical juncture. Holding above the support level could flip the chart bullish, while falling below it might continue the downtrend. Traders are closely watching to see if this is the moment SEI starts its next leg up.