Since its debut a little over a year ago, the SEI token has seen remarkable growth and is on the verge of breaking into the top 50 largest cryptocurrencies by market capitalization. The altcoin has been one of the best performers in recent days, posting a double-digit gain in the last 24 hours.
In a recent post on the X platform, prominent crypto analyst Ali Martinez projected an interesting short-term price movement for SEI. According to Martinez, the cryptocurrency appears prepared to continue its upward momentum. This bullish forecast hinges on the formation of a bull flag pattern on the SEI price chart in the four-hour timeframe. The bull flag pattern is known to be a strong continuation pattern for upward price trends.
The technical analysis shows a period of almost vertical upward price movement, referred to as the flagpole, followed by a slight consolidation period, forming the flag itself. While the bull flag pattern suggests a potential for higher trends, confirmation requires a successful breakout from the consolidation phase.
As observed in the chart shared by Martinez, the price of SEI has broken out of the consolidation zone, with a four-hour candlestick closing above the upper boundary. This recent price action suggests that the next target for the token is $0.65, which represents roughly a 20% rally from its current price.
As of now, the SEI token is valued at around $0.53, reflecting an almost 16% increase in the past day. The altcoin, which had been relatively quiet throughout the week, is now up by nearly 18% over the last seven days, according to CoinGecko data.
This movement begs the question: Is SEI following SUI? Earlier last week, Martinez predicted that SEI’s price would soon align with the trajectory of the red-hot SUI token. Perhaps due to the similarity in their names, both crypto tokens exhibit nearly identical price paths.
Martinez shared his belief on the X platform that SEI will follow in SUI’s bullish footsteps, aiming for $1.6. While SUI has outperformed many cryptocurrencies, showing over a 50% increase in the past week, Martinez seems confident that SEI will mimic this trend, re-asserting his forecast with a strong bullish sentiment.
