Solana

Multicoin

Million

Parallel

Gains

<ul class="list-ic vertical"> 
 <li> 1 <a>SEI token trades near the demand zone close to the 200-day EMA mark.</a> </li> 
 <li> 2 <a>Key indicators are suggesting a possible rise ahead.</a> </li> 
</ul> 
The SEI token price is hovering near the 200-day EMA mark and might see a pullback ahead. For weeks, the price action signified consolidation moves, and the token was trading in a downtrend. 
Since the beginning of this month, the token has held gains and has started cooling off the selling pressure. Meanwhile, buyers have yet to cross the trajectory hurdle of $0.6200, which is the prompt resistance. 
At press time, the SEI token price traded at $0.5286 with an intraday drop of 0.17%, reflecting neutrality on the charts. It has a monthly return ratio of -16.80% and a yearly return ratio of 725.30%. 
The pair of SEI/BTC is at 0.00000765 BTC, and the market cap is $1.41 Billion. Analysts are neutral and suggest that the SEI price may regain momentum and will reach the upside mark of $0.7000. 
<h2 class="wp-block-heading" id="strong-could-sei-glow-the-gains-ahead-strong">Could SEI Glow the Gains Ahead?</h2> 
For the past sessions, the SEI token has made a double bottom formation but has yet to cross the $0.6000 mark. Meanwhile, the sellers are eyeing the opportunity to push the token below the 200-day EMA mark and looking for a significant breakdown ahead. 
The price action signifies the range-bound movement and lack of buying momentum. A break and close above the $0.600 mark would trigger the trend reversal ahead.  
<a href="https://www.tradingview.com/chart/SEIUSDT/5b34D9Xf-SEI-price/"></a><a href="https://www.tradingview.com/u/TheCoinRepublic/"></a><a href="https://www.tradingview.com/"></a>  
Source: TradingView 
Amidst the market correction, the token was consistently underperforming, and a low volume of buying was witnessed. If the token succeeds in holding the momentum, it will lead to a significant surge ahead. 
<h3 class="wp-block-heading" id="strong-sei-rolls-out-multi-phase-v2-upgrade-strong">SEI Rolls Out Multi-Phase V2 Upgrade&nbsp;</h3> 
In a recent tweet by @CryptoSeq, &nbsp;SEI V2, the next-gen parallel EVM L1, is launching tomorrow, which enables faster speed than <a href="https://www.thecoinrepublic.com/2024/05/17/solana-crypto-could-ride-a-bullish-rally-as-its-tvl-rose-by-13/" target="_blank" rel="noreferrer noopener">Solana</a> and is known for its compatibility. 
<center>
 <blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24SEI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$SEI</a> v2, the next-gen Parallel EVM L1 is launching tomorrow, enabling faster than Solana speeds whilst having full EVM compatibility, and all without the single centralised sequencer / multisigs seen with L2s. Backed by Multicoin Capital, Coinbase, Jump and Circle <a href="https://t.co/9B0bCdy1fY">pic.twitter.com/9B0bCdy1fY</a>— Seq (@CryptoSeq) <a href="https://twitter.com/CryptoSeq/status/1794664868282520026?ref_src=twsrc%5Etfw">May 26, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
Source: X 
The trading volume remained flat and increased over 22.30% to $81.36 Million in the last 24 hrs, conveying the decline in investor speculation. 
<h4 class="wp-block-heading">Futures OI Data Outlook</h4> 
The Futures OI data signifies decent investor participation, and the open interest remained flat, noting an upsurge of over 0.18% to $68.53 Million in the last 24 hrs. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="246" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-342-1024x246.png" alt="SEI" class="wp-image-207018" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-342-1024x246.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-342-300x72.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-342-768x185.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-342-750x180.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-342-1140x274.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-342.png 1398w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
Source: CoinGlass 
SEI is trading below the 38.2% Fibonacci retracement level and has taken support in the mid-Bollinger Band support region. 
The immediate support levels for SEI are $0.5160 and $0.5000, whereas the key upside hurdle is around $0.5400, followed by $0.5600. 
<h3 class="wp-block-heading" id="strong-conclusion-strong">Conclusion</h3> 
SEI token price is expected to cross the range neckline hurdle of $0.600 in a significant breakout. Amidst the consolidation price action, the token might outperform in the upcoming sessions.

SEI Hovers Near Bottom: Will the Consolidation Journey End Here?

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