Michaël Van de Poppe: SEI’s 20% Price Surge Positions It For a New All-Time High

SEI has captured investor attention recently with significant price activity, but resistance at the $0.50 level has proven challenging. Twice in the past two months, SEI has attempted to breach this mark, only to fall back each time. 

Despite this, optimism among SEI traders remains strong, with many believing a breakout could soon be on the horizon.

SEI Traders Are Hopeful

The funding rate for SEI has been largely positive over the past month, reflecting a bullish outlook among traders. This positive funding rate shows that traders are actively placing long positions on SEI, indicating an expectation of a continued increase in price. Positive funding rates are critical for sustaining an upward trajectory, as they demonstrate a willingness among traders to support the coin at higher levels.

While SEI’s price growth has been modest, this sustained bullish sentiment highlights confidence in the coin’s potential. As more traders take long positions, the buying pressure could serve as a catalyst, pushing SEI toward new highs. If this sentiment holds, SEI may soon have the momentum needed to overcome its $0.50 resistance and explore higher levels.

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SEI Funding Rate. Source: Coinglass

From a technical perspective, SEI’s macro momentum reveals mixed signals. The Relative Strength Index (RSI) currently sits above the neutral line at 50.0, indicating some bullish potential, but it has yet to maintain a strong position above this threshold. A steady hold above 50.0 on the RSI would confirm a bullish trend, providing a clear sign that SEI could continue upward.

However, the mixed RSI readings suggest a level of caution. While SEI shows signs of strength, the RSI’s inability to sustain above 50.0 could mean that selling pressure may persist. For SEI to confirm a shift in momentum, it will need stronger support from technical indicators to signal a clear uptrend.

SEI RSI. Source:  TradingView

SEI Price Prediction: Aiming High

In the past 24 hours, SEI’s price has surged by 17%, capturing investor interest. Analyst Michaël Van de Poppe noted that if SEI can hold these gains, it may reach the critical $0.50 resistance level once again. A steady climb to this price would reflect growing investor confidence and set the stage for a potential breakout.

Van de Poppe further suggests that if SEI manages to break through $0.50, it could rally toward its all-time high (ATH) of $1.14, achieved in March. Such a move would require sustained bullish sentiment and high trading volume.

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Sei Price Analysis. Source:  TradingView

However, short-term targets place SEI at $0.64 for a more conservative outlook. Should SEI fail to breach the $0.50 resistance, it may remain under pressure, potentially retracing to $0.30. A drop to this level would invalidate the current bullish thesis.