SEI and SUI have managed to attract attention today by reaching all-time high levels. While SUI is rising parabolically, SEI is struggling to close above the previous all-time high resistance area. Will the rise in both SEI and SUI continue? We are examining this with detailed chart analyses and key levels.
SUI Chart Analysis
SUI price has been increasing along a parabolic rising support trend line since October 2023. The trend line was confirmed multiple times, most recently on January 23, 2024. Since then, SUI has accelerated its rate of increase. Today, the altcoin reached an all-time high level of $1.97. Additionally, the Relative Strength Index (RSI) is giving a positive signal.
If the RSI value is above 50 and the trend is upward, the bulls still have the advantage, but if the value is below 50, the opposite is true. The RSI level is above 50, and both bullish signals are on the rise.
If the upward movement continues, the next resistance is at the $2.20 level, which is 15% above the current SUI price, formed by the previous drop’s 1.61 external Fibonacci retracement. Despite the bullish SUI price forecast, a break in the parabola could trigger a 28% drop to the nearest support at $1.40.
SEI Chart Analysis
SEI price has risen rapidly since December 2023 and reached an all-time high of $0.88 on January 4, 2024. Following this development, the price began to move downward and confirmed the $0.85 horizontal area as resistance.
The downward movement stopped on January 23, and after making a higher low on February 7, the altcoin accelerated its rise. Today SEI broke out from the $0.85 region, reaching a new all-time high of $0.90. Despite SEI’s bullish price forecast, a rejection from the $0.85 level could trigger a 32% drop to the nearest support at $0.60.
Technical analysts using the Elliott Wave theory to determine the direction of a trend are examining recurring long-term price patterns and investor psychology. The most likely assumption indicates that the SEI price increase is in its fifth and final wave, which could culminate near a level of $1.08, 26% above the current price.
