SEI has spiked by 28% today and more than 80% in the last 4 weeks. With its price presently at $0.2, what is causing this sudden pump and how high can it go according to analysts?

The SEI token is the native digital currency of the Sei blockchain network. Developed by Sei to facilitate decentralized exchange functionality, SEI was designed to provide developers with a robust technological infrastructure for building secure, efficient applications and services.

Detective Catz pointed out that many people have set sell limits at $0.2 for SEI, which is why the price has struggled to break through that barrier. However, he hinted that with more time, SEI could push past this psychological resistance.

Altcoin Dispatch provided a technical analysis indicating SEI is breaking out of its supply zone around $0.19. He believes this breakout could fuel a pump to $0.28 based on his chart analysis.

Decentralized exchanges (DEXes) are integral to the crypto ecosystem, powering trading of tokens, NFTs, and in-game assets. However, they have historically been underserved by existing Layer 1 blockchains, struggling to meet demands for reliability, scalability and speed. Brief downtime is catastrophic for DEXes.

The SEI blockchain and token aim to address this need, providing robust infrastructure tailored for decentralized trading. With specialized focus on exchanges’ priorities, SEI is positioning itself at the center of the booming DEX industry.

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SEI’s recent price breakout and 28% single-day spike suggest traders see its potential to lead this high-demand space as other Layer 1s have failed to fully support DEXes. SEI could be on its way to cementing dominance as the goto Layer 1 for decentralized exchanges.

The post Why Is SEI Pumping? Analyst Reveals How High the Price Can Reach appeared first on CaptainAltcoin.

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