The altcoin market suffered a heavy blow with Bitcoin‘s fall below the critical $40,000 threshold. Leading altcoins such as Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) dropped by over 5%, with some even exceeding a 10% loss. Crypto analyst Bluntz pointed to Sei (SEI), one of the leading Layer 1 projects, as a potential shining altcoin for investors seeing the downturn as a buying opportunity, with the market’s bearish trend potentially giving way to a rise.
Anticipating a 114% Increase in SEI’s Value
Well-followed crypto analyst Bluntz stated that he expects the SEI token of Sei to shine. According to the analyst, SEI is on the verge of completing the last leg of a five-stage uptrend, and if it does, it could surpass the $1 threshold and rise up to $1.2.
Looking at the SEI chart shared by the analyst, the only condition for the uptrend is that the price must not fall below the trendline of the descending channel it is currently in. The lower trendline of this descending channel is approximately around $0.55.
Should Bluntz’s expected bullish scenario come to fruition, the altcoin’s price could rise up to $1.2. At current prices, such an increase would correspond to a 114% growth for SEI.
Current Status of SEI
SEI stands out as one of the altcoins showing resilience after Bitcoin’s recent decline. According to CoinMarketCap data, SEI is trading at $0.5678, down 5.77% in the last 24 hours. This price level means that SEI is still above the lower trendline of the descending channel, which is the sole condition for Bluntz’s anticipated rise, indicating that this scenario remains on the table.
Looking at past data, SEI has shown a mixed trend over weekly and monthly time frames. According to the data, SEI faced a 28% decline over the week, while it experienced a 58% increase over the month.
