SEI Makes Solid Stand at $0.128 – What’s Fueling the Growth?

Earlier today, SEI rose to $0.128 before experiencing a minor dip, dropping by 0.81% in the last 24 hours. Its hourly chart shows a long green appearing at the previous hour, but a tiny red follows it.

What was the reason behind the surge, and why did the community seem to be losing interest in it so soon?

SEI Drops 0.81%

The latest date on CoinMarketCap shows that the SEI made a stand today by painting an hourly green and going up by 0.128%, followed by a small red.

At 12:35 a.m. EST, SEI was trading around the $0.127 mark. Its market capitalization has decreased by 0.50%, and its trading volume has increased by the same amount: 0.50%, indicating a new – albeit small – push to maintain this token inside the accumulation range.

However, most on CoinMarketCap are hoisting bearish flags for this token, with some calling it a “shit coin” and others warning people to stay away from a newly launched crypto.

What is SEI Network?

SEI portrays itself as a layer one blockchain, the fastest in the business, and designed to scale with the industry.

The blockchain allows developers to create decentralized applications around defi, gaming, infrastructure, institutions, interoperability, metaverse, NFTs, service, socials, stablecoins, validators, and wallet niches. So far, 10+ applications have been introduced by this project that have these utilities.

According to the whitepaper of the official website, which is accessible via Github, Sei has introduced a new approach for transaction ordering, block processing, and parallelization designed for cryptocurrency exchanges. The chain also offers a “heavily optimized” order placement and matching engine that businesses can leverage to speed up their trading mechanisms.

In essence, the developers propose SEI as an L1 solution that bridges the gap between centralized and decentralized exchanges by using two innovations at the protocol level – Twin-Turbo consensus and multiple degrees of parallelization.

Since these aspects are designed to help developers, SEI has recently introduced a $120 million ecosystem fund.

These factors, and the recent updates by SEI on its Twitter page about ecosystem updates, which include the introduction of new apps and new assets going live, such as Levana and Astroport, are the reasons behind its recent surge.

Astroport has arrived, making it easier to trade SEI and bridged assets on chain:https://t.co/IO3dqAp39T

— Sei 🚢 (@SeiNetwork) August 19, 2023

On the other hand, the decline that we could see on the hourly chart could be because investors have grown wiser and aren’t strictly following a hype to rally behind the token.

SEI Price Analysis

It has been only ten days since the release of SEI, and it has already given the community a taste of the market’s volatility. Rising by four digits after arriving on August 18th, the token soon faced a downturn. Thankfully, this drop is small-angled, which means there is a push and pull among the bears and the bulls.

Hourly charts show that the token’s current psychological resistance is $0.1371, and its psychological support is $0.1264. SEI has bounced off this support in the last hour.

However, to test its psychological resistance, it has to cross 0.1362 (0.236 fibs), which would require a pump of 7.65%. That doesn’t seem possible currently due to the bearish signals that the community is showing.

That aside, the token’s current RSI (purple) is 40, and the trend shows a slight curve toward the upper direction, indicating that the token can move up.

Also, while the MACD is negative, the faded-red histogram symbolizes that some investors might soon come to bat for SEI.

SEI Alternative – WSM

SEI’s current struggle to stay inside a good consolidation zone shows that despite its forward-facing utilities, not all investors are sold on its value. 2022 was a year when several utility-focused tokens arrived, promising massive use cases, but most of them couldn’t follow through.

With its memecoin mania, 2023 showed us that investors are still willing to take their chances on tokens with limited utilities in search of illustrative games. Wall Street Memes is one such project. Launched in June of this year as a presale, Wall Street Memes (WSM) quickly captured the crypto community’s attention through its collection of comedic memes.

Bro thought robbing a day trader was a good idea pic.twitter.com/a40CJcXbAj

— Wall Street Memes (@wallstmemes) August 27, 2023

Inspired to take on the “big man of the corporate regime” similar to Wall Street Bets, a Reddit group that started Gamestonks and made parabolic gains for Gamestop stock investors, Wall Street Memes wants to turn WSM into an asset that can mobilize on the price charts through a community.

The first signs by the WSM community show that it may become successful at doing so. So far, Wall Street Memes has rallied more than 1 million members across multiple social media platforms, with over 260,000 followers on Twitter alone. Not only does this group’s memes are entertaining, but they have also enticed the likes of Elon Musk, the Dogecoin hypeman.

Can Elon Musk’s Interaction Help Wall Street Memes Rally?

Elon Musk has thrice interacted with Wall Street Memes’ X (formerly Twitter) page. While his emoji-filled comments aren’t a sign of the SpaceX founder’s support, they speak volumes about Wall Street Meme’s reach.

It shows that the project can create a community that’s powerful enough to attract the interest of influential individuals. If these individuals were to take an interest in Wall Street Memes’ token, its price could rally by a massive degree.

If that isn’t enough, Wall Street Memes has already raised more than $26 million in its presale round. This shows that the community is rallying behind this asset, which may fuel its growth once it lands on multiple tier-1 cryptocurrency exchanges. Experts like Jacob Crypto Bury have pegged it potentially 10x or beyond once it finally arrives.

At press time, Wall Street Memes is available at a discount price of $0.0337. The presale is concluding in less than 30 days, so those still on the fence might want to get in early and invest in this token today. Visit wallstmemes.com to participate if you are interested.

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