5 Altcoins on Fire: Can SEI, ARB, HBAR, RUNE, and GMX Sustain the Rally?

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  • ​​SEI and ARB hit all-time highs, showcasing strong market confidence as BTC maintains $45,300 support.
  • HBAR and RUNE show resilience with notable highs despite market volatility, indicating robust investor interest.
  • GMX surges over 7% from the intra-day low, signaling a bullish trend amidst rising market capitalization and trading volume.

With Bitcoin (BTC) bulls holding prices above $45,300, altcoins have also experienced a positive trend. Many altcoins, such as Sei (SEI), Arbitrum (ARB), Hedera (HBAR), THORChain (RUNE), and GMX (GMX), have seen gains in their prices as investor confidence in the cryptocurrency market grows. This surge in altcoin prices indicates a broader market rally, with investors diversifying their portfolios beyond Bitcoin to capitalize on potential returns from other promising cryptocurrencies. 

Sei (SEI) Analysis

During the rally, Sei (SEI) managed to record an all-time high of $0.7947 before facing stiff resistance. Moreover, it managed to maintain its upward momentum and continued to trade at a relatively high price compared to its previous levels. However, as the bearish trend intensified, Sei (SEI) experienced a price correction, dropping by 3% to $0.7283 as of press time. 

SEI/USD 24-hour price chart (source: CoinStats)

In addition, SEI’s market capitalization and 24-hour trading volume dipped by 3.04% and 32.46% to $1,675,170,222 and $855,370,711, respectively. 

Arbitrum (ARB) Analysis

Following suit, Arbitrum (ARB) also experienced a bullish rally, reaching a new all-time high of $1.97. However, contrary to SEI, it faced minimal resistance and maintained its upward momentum. As a result, ARB’s price correction was nullified, with bulls soaring to $1.96 as of press time. 

ARB/USD 24-hour price chart (source: CoinStats)

Additionally, ARB’s market capitalization and 24-hour trading volume soared by 14.19% and 72.12%, respectively, to $2,499,696,587 and $1,458,031,108, indicating strong investor interest and increased trading activity. This surge in market capitalization and trading volume suggests that ARB has gained significant attention and support from the market, indicating a positive outlook for the cryptocurrency. 

Hedera (HBAR) Analysis

In the last 24 hours, Hedera (HBAR) has experienced a steady price increase, reaching a 52-week high of $0.1009. This upward trend was, however, nullified after bulls failed to sustain the momentum, resulting in a slight pullback. Consequently, at press time, HBAR was exchanging hands at $0.09486. 

HBAR/USD 24-hour price chart (source: CoinStats)

While HBAR’s market capitalization dipped by 1.28% during this pullback, indicating a temporary decrease in investor confidence, the 24-hour trading volume surged by 101.35% to $203,864,962, suggesting that there is still interest and activity in HBAR. 

THORChain (RUNE) Analysis

Despite facing resistance early in the day, bulls in the THORChain (RUNE) market managed to push the price up to $5.8346. However, bears quickly took control and caused a slight pullback, resulting in RUNE falling to an intra-day low of $5.48, where support was found. The price then stabilized and began to recover gradually, indicating that there is still strong support for RUNE at this level. 

Consequently, bulls managed to negate the bearish trend, soaring the price to a 7-day high of $6.06. At press time, RUNE was exchanging hands at $5.97, a 3.50% surge from the intra-day low. 

RUNE/USD 24-hour price chart (source: CoinStats)

RUNE’s market capitalization and 24-hour trading volume surged by 3.35% and 28.87% during the rally to $2,017,690,174 and $373,469,535, respectively. This surge in market capitalization and trading volume indicates growing investor interest and confidence in the prospects of RUNE. The strong recovery and price increase suggest further upside potential for RUNE in the near term. 

GMX (GMX) Analysis

Despite a bearish start to the day, GMX (GMX) recovered and showed signs of strength. The price initially dipped but later saw a significant increase, indicating a potential for further growth. Consequently, bulls propelled the GMX price from an intra-day low of $58.21 to a 30-day high of $64.14. 

GMX/USD 24-hour price chart (source: CoinStats)

At press time, GMX bulls were still in control of the market, with the price exchanging hands at $62.97, a 7.96% surge from the 24-hour low. During the bull rally, GMX’s market capitalization and 24-hour trading volume surged by 7.63% and 152% to $587,343,508 and $107,575,776, respectively.

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