- SEI token has shown relative strength by holding key support during a market downturn.
- This performance contrasts with double-digit declines for Bitcoin and Ethereum.
- Analyst Michaël van de Poppe has identified $0.1850 as a key support for a potential rally.
SEI, the native token of the Sei layer-1 blockchain, has shown relative strength amid a declining cryptocurrency market. Renowned crypto analyst Michael van de Poppe has recognized SEI’s performance, analyzed the crypto coin’s behavior, and projected what could happen to the digital asset under prevailing circumstances.
Van de Poppe identified a support level of around $0.1850 on the SEI chart. That region has served as a turning point for the price several times this year and commanded notable respect recently when SEI’s price could not break below it last Sunday. According to Van de Poppe, SEI could rebound from around that region, initiate a notable surge, and head for a $0.3 target.
SEI Performance vs. Market Leaders
SEI’s recent performance highlights the cryptocurrency’s strength compared with the massive losses that top cryptocurrencies like Bitcoin and Ethereum have encountered over the past two weeks. BTC tumbled from a $110,587 local high to $98,240 as of Sunday evening. That reflected an 11.23% loss for the pioneer cryptocurrency in less than 14 days.
Related: SEI Price and Volume Surge After Wyoming Taps Network for Stablecoin Project
Ethereum declined sharply and lost nearly 27% during the same period, dropping from a $2,880 quarterly high to $2,113 as of Sunday evening. However, both top cryptos have recovered slightly, registering notable gains early Monday morning. Bitcoin surged 3.11% to trade for $101,286 at the time of writing, while Ethereum surged to $2,250, reflecting a 6.26% rally.
Technical Analysis Points to Potential Rebound
Although Van de Poppe considers the $0.1850 crucial for SEI, the altcoin’s daily chart reflects another region of untapped demand around the $0.1585 level. Hence, breaking below the spotted support at $0.1850 may not hurt SEI investors.
Related: Which Altcoin Will Lead the Next Move—$SEI, $FET, or $AERO?
In contrast, it could allow them to accumulate the crypto asset at a lower price, creating room for higher profits. According to data from TradingView, SEI surged a significant 70% last week before retracing to its current $0.1941 price.
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