SEI surged more than 20 percent ahead of key US inflation data.
Recently it has been seen that new projects have emerged in the crypto market. Memecoins (MEME) and Celestia (TIA), which launched this year, were on the agenda with their sensational growth. TIA in particular has seen an almost doubling in a very short period of time.
In the crypto market, where bearish expectations are increasing by the day, it is notable that some altcoins are experiencing growth that is diverging from the market. Another cryptocurrency that made its mark on the day was SEI. SEI, one of the new coins, rose more than 20 percent ahead of key US inflation data.
SEI rise is at a critical limit!
The SEI, which has been quiet in recent weeks, started rising ahead of key US inflation data that sparked concerns. The possibility of positive inflation data reversing the market could weaken the SEI rally.
SEI, which claims to be faster than its competitors like Solana and Ether, continues its blockchain development. While the project focuses on ecosystem development, the price dynamics on the SEI side is a matter of curiosity. The SEI, which could not achieve the long-awaited exit, managed to break a key resistance point with the rise experienced in the early hours of the day.
The SEI, which opened for trading in August, created a lower value zone in October. The SEI, which was involved in the rise of BTC with the spot ETF news flow but could not separate from the market, finally achieved a significant breakthrough. SEI managed to break the $0.13 resistance and gained more than 20 percent.
Although SEI has made notable gains by breaking resistance, it faces a major hurdle. US inflation data will be announced at 16:30 on November 14. It is being said that consumer inflation rate may be high and this will have a negative impact on the market. This could weaken the SEI’s rise. However, SEI has the potential to grow like TIA as a result of the positive structure it has created.
Looking at the SEI chart, the $0.1704 resistance appears to be extremely important. If this resistance point is surpassed, SEI could reach $0.1842 in a short time. The $0.1842 area could be an area where sellers will focus. If this area is crossed, SEI price may reach $0.2151. This scenario, which means the potential for a 35 percent upside compared to the current price, could be a bullish boost for the SEI. If the uptrend intensifies, the SEI will try to break the key resistance point at $0.25. Breaking this resistance could take the price to $0.28.
On the other hand, SEI may decline as US inflation data comes negative and the market loses its positivity. This decline could push SEI price to the support at $0.1491. If there is no buying from this support point, SEI may retreat to $0.13 in the short term. $0.13 is known as the starting point for the SEI. If this point is lost, SEI will be exposed at $0.1181. Other support levels could range from $0.1089 to $0.0950.