SEI Price Up 24%, Follows Solana’s Early Trend Amid Rising Interest in Layer 1 Network

Key Takeaways:

• SEI's market capitalization reached $1.6 billion, making it the 52nd largest coin globally.
• A crypto analyst found similarities in the price patterns of SEI and SUI compared to SOL charts.
• Seiyan ETH and Super Seiyan ETH, new yield-generating LSTs, have entered the Sei ecosystem, contributing to SEI's gains.

Sei (SEI) experienced significant gains during today's session. The layer one blockchain token surged over 24% in the past 24 hours, making it the leading gainer.

This increase has resulted in the SEI coin's market capitalization reaching $1,627,103,650, placing it as the 52nd largest coin in the global market cap ranking. Presently, the cryptocurrency is trading at around $0.46, with its 24-hour trading volume soaring by 295.39%, attracting the attention of investors and analysts.

Sei is a competitor to well-established layer-1 blockchain networks such as SUI and Solana. Usually described as a “clone” of SUI, Sei seeks to establish its presence in the competitive layer 1 blockchain market as the first sector-specific layer 1 blockchain.

It focuses on optimizing trading processes on decentralized exchanges and claims to provide exchanges with a competitive advantage.

Analyst Compares SEI Price Pattern with Solana's Historical Pattern

Sei has a market capitalization of approximately $1.6 billion, which is significantly lower than SUI's $4.5 billion and Solana's impressive $70 billion valuations. Despite the gap, crypto analyst Donovan Jolley found interesting similarities in the price patterns of SEI and SUI compared to SOL charts.

Solana's chart depicts a sharp increase following a period of consolidation at low prices, leading to a notable breakout and rapid price surge.

The analyst shared an image of SUI, SEI, and SOL charts with his 54k followers on X. According to the image, SUI's price movement resembles SOL's early pattern, indicating a potential bottoming process with a wave 1-2 structure.

One of the most bullish set ups I have ever found in Crypto is playing out with $SEI and $SUI

I bought $SOL at $0.60 at the bottom of the last cycle and I have been buying $SUI and $SEI down here expecting more of the same

Don't tell yourself you weren't warned 👀 pic.twitter.com/26UEnPFczh

— Donovan Jolley (D.I.Y Investing) (@vajolleratzii) September 24, 2024

SUI is currently trading around $1.72 and shows signs of recovery after gaining almost 14% today. It may be gearing up for a significant parabolic rally if market conditions remain favorable.

SEI also displays a wave 1-2 structure similar to SUI and SOL. After a notable correction, SEI shows early signs of potential recovery, with a trading price around $0.46. If SEI can maintain support around the $0.368 level and continue breaking resistance levels, it could mimic Solana (SOL) previous bull cycle.

Related: $100 Million Flows Into Solana Memecoins – SOL Surges While Crypto Slumps

The 1-2 wave pattern indicates a potential reversal following consolidation and a bottoming-out phase. Both SEI and SUI exhibit these characteristics, suggesting the possibility of upward movement in the coming months.

SEI's current price pattern resembles SOL's pre-breakout structure during the 2021 cycle, reflecting the formation of a base and gradual upward movement.

Meanwhile, a comprehensive analysis shows that the SEI price is in an uptrend, having broken above the Ichimoku Cloud, signaling strong bullish momentum. The price is sustained above key Ichimoku lines, indicating continued buying interest.

Sei Introduces New Yield-Generating LSTs

Recent developments within the SEI ecosystem might have also significantly contributed to its impressive gains.

On September 24, the Sei team announced through X that Seiyan ETH and Super Seiyan ETH, the new yield-generating LSTs from Nucleus and Dinero, have been entering the Sei ecosystem.

Seiyan ETH and Super Seiyan ETH, the new yield-generating LSTs from @nucleusearn and @dinero_xyz, have been relentlessly making their way into the Sei eco.

With a new integration with @jlyvrs, fresh incentives are live.

Now’s the time to get involved—details below👇 pic.twitter.com/NOM0JnL2hc

— Sei 🔴💨 (@SeiNetwork) September 24, 2024

Notably, following Sei (SEI), other coins have recorded the highest gains over the past day. These coins are Sui (SUI), Popcat, Notcoin (NOT), Starknet (STRK), and Chainlink (LINK), with gains of 13.46%, 9.29%, 8.49%, 7.75%, and 7.60%, respectively, at the time of this announcement.