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SEI Records Jaw-Dropping 35% Surge, Where Is Price Heading?

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Wed, 29/11/2023 - 9:15
SEI Records Jaw-Dropping 35% Surge, Where Is Price Heading?
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With the digital currency ecosystem in recovery mode, after Bitcoin (BTC) regained the $38,000 price level, altcoins like SEI are notably riding the wave in unusual ways. According to data from CoinMarketCap, SEI printed a jaw-dropping 35% surge overnight, pushing its price to $0.239.

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This price action represents a sustained bullish push that is bound to give SEI its best month for this year. Since the launch of the protocol, it has faced numerous headwinds, and growth this month has been its most emphatic thus far this year. SEI has soared by 84.59% in the trailing seven-day period and has extended its monthly gains to 170.5%.

SEI All-Time Chart. Source: CoinMarketCap

Taking a look at the SEI momentum at this time, it has remained profitable in the year-to-date (YTD) period, printing overall growth of 3,600%. For SEI, the goal is simple, and it is to maintain its current momentum, which pushed it to record a new all-time high (ATH) of $0.2884 about nine hours by the time of writing.

With no specific trigger observed in the SEI network ecosystem, growth is purely organic, and there are expectations that its momentum will be sustained by the bulls.

Crucial deviation from general market momentum

Hitting a new ATH is not a common feat in the digital currency ecosystem of today. Despite leading the general market charge, Bitcoin is still down by 44% from its ATH of $68,789.63.

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Besides Bitcoin, almost all of the altcoins, including the high-performing Solana (SOL) and Chainlink (LINK) are yet to retest their previous ATH, and those that breached a new annual high are considered exceptional.

XRP began seeing an explosion in its price in July after the ruling that it is not a security, as alleged by the U.S. SEC. Despite the many impressive price actions it has recorded thus far, it is still about 84% below its ATH, making the SEI milestone an important one.

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