The post Will the Consolidation Journey End Here? appeared on BitcoinEthereumNews.com.

The SEI token price is hovering near the 200-day EMA mark and might see a pullback ahead. For weeks, the price action signified consolidation moves, and the token was trading in a downtrend. Since the beginning of this month, the token has held gains and has started cooling off the selling pressure. Meanwhile, buyers have yet to cross the trajectory hurdle of $0.6200, which is the prompt resistance. At press time, the SEI token price traded at $0.5286 with an intraday drop of 0.17%, reflecting neutrality on the charts. It has a monthly return ratio of -16.80% and a yearly return ratio of 725.30%. The pair of SEI/BTC is at 0.00000765 BTC, and the market cap is $1.41 Billion. Analysts are neutral and suggest that the SEI price may regain momentum and will reach the upside mark of $0.7000. Could SEI Glow the Gains Ahead? For the past sessions, the SEI token has made a double bottom formation but has yet to cross the $0.6000 mark. Meanwhile, the sellers are eyeing the opportunity to push the token below the 200-day EMA mark and looking for a significant breakdown ahead. The price action signifies the range-bound movement and lack of buying momentum. A break and close above the $0.600 mark would trigger the trend reversal ahead. Source: TradingView Amidst the market correction, the token was consistently underperforming, and a low volume of buying was witnessed. If the token succeeds in holding the momentum, it will lead to a significant surge ahead. SEI Rolls Out Multi-Phase V2 Upgrade  In a recent tweet by @CryptoSeq,  SEI V2, the next-gen parallel EVM L1, is launching tomorrow, which enables faster speed than Solana and is known for its compatibility. $SEI v2, the next-gen Parallel EVM L1 is launching tomorrow, enabling faster than Solana speeds whilst…

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Filed under: News - @ May 26, 2024 2:26 pm