Sei Price Prediction September 26: SEI Surges 35%, is $1 in Sight?

The broader crypto market fed on the momentum ignited by the September Federal Reserve rate cut of 50bps. Following this decision, a notable rally occurred, pushing the prices of assets to new monthly highs. Bitcoin, the flagship cryptocurrency rose past $64k, ETH mirrored these gains, and the broader altcoin market did the same.

One coin that also stood out within this period is Sei (SEI). Over the past seven days, the layer-1 blockchain coin skyrocketed by 35%, positioning it as one of the top prominent gainers for the week. Several on-chain data reflect growth on the network which has translated to the movement its native coin currently experiences. With this, investors are wondering what next for the token, will it hit $1 soon? Let us find out.

Sei Network Metrics Reflect Bullish

According to recent data from Seitrace, a dedicated Sei network tracker, Sei’s on-chain metrics have consistently grown, demonstrating bullish capacity. Metrics like the number of transactions, number of accounts, and transaction success rates were considered.

Per the tracker, the number of daily transactions on the SEI blockchain surged exponentially by 42x, from 90,000 on September 14, to to 4.2 million on September 15. Since then, the number has consolidated between 4.2 million and 4.47 million. As of Sept 25, the total daily transactions were recorded at 4.39 million.

The rise in daily transactions indicates growing demand and adoption of the network which can positively impact the price of the coin. Consequently, the total transactions on the Sei network now stand at 517 million.

Moreover, the total number of wallet addresses on the Sei network jumped to a staggering 3.146 million at the time of writing. The increase in the number of connected wallets and transactions signifies its acceptance and growing position in the layer-1 blockchain space.

Additionally, the blockchain boasts of a high transaction success rate, compared to its pairs. Seitrace data shows that Sei has a transaction success rate of 0.977. What this implies is that most of the transactions conducted on the network were completed. This can boost user confidence as it demonstrates the network’s reliability.

Also, the total gas usage on the network is now more than 3 million. Ultimately, the number of contracts has jumped to approximately 15.56k. The increase in gas usage and the number of contracts suggest a growing network activity and development.

SEI Prediction, Will SEI Hit $1 Soon?

SEI was up by 0.53%, trading at $0.4553 at press time. It’s intraday low and high were recorded at $0.4424 and $0.4691 respectively. Recall that SEI reached its all-time high in March 2024, after it surged to $1.14, about 59.7% above its current level. Investors are now wondering if the coin can replicate the six-month-ago rally.

From its launch in the third quarter of 2023 to date, SEI has skyrocketed by 5,589.40% according to CoinMarketCap data. This rapid growth triggered a wide sell-off that forced the price of the coin to drop, forming a descending channel.

Following the decline, a new support was formed at $0.2500. Throughout the third quarter of 2024, SEI tried to break above 20-day and 50-day EMA bands. This led to a consolidation phase between $0.2 and $0.45.

However, the recent surge in SEI price pushed it beyond the 200-day EMA bands, consequently, there has been a notable change of character (ChoCH) above $0.4150 and the 200-day EMA.

With this newly ignited bullish momentum, SEI is predicted to soar to $0.6, before targeting the next levels of $0.78 and $0.96 respectively. However, if the momentum does not hold, the price might consolidate above the 200-day EMA which could raise more concerns and potential declines.