SUI & SEI Altcoins To Lead The Layer-1 Rally This Uptober?
Elena R26 Sept 20242 min read
With the altcoin leader, Ethereum holding its price above the $2,600 mark, the Layer-1 (L1) market has regained momentum. Notably, some altcoins have recorded a double-digit surge within the past seven days. This indicates a rising dominance of altcoins in the crypto space.
Following this, investors are raising speculations about a potential AltSeason. Further, questions like “Is this the right time to invest in crypto?” and “Has the Altcoin rally started?” have stormed the internet.
SUI (Sui) Price Analysis
Despite recording a correction of 3.14% in the past day with a trading volume of $605.93 million, the SUI price has jumped 26.04% over the past week. Moreover, it has jumped 86.71% during the past month and has a YTD return of ~120%.
The Simple Moving Average (SMA) constantly acts as a support to the SUI price chart in the 1D time frame. Moreover, the MACD indicator shows a constant green histogram. This suggests that the SUI price will continue gaining value in the coming week.
If the market continues trading under a bullish sentiment, this could result in the SUI price heading toward its yearly high of $2.1850. Conversely, if a bearish reversal occurs, the SUI coin price may plunge toward its low of $1.290.
Interested in the future price targets of SUI? Read our Sui Price Prediction for more details.
Sei (SEI) Price Analysis
With a jump of ~35% over the past week, the SEI coin price has successfully breached its important resistance level of $0.4085. Moreover, it has surged 37.18% over the past month. This indicates a long-term bullish sentiment for the altcoin.
The Relative Strength Index (RSI) continues to trade above the overbought range in the 1D time frame. Further, its 50/200-day EMA is on the path of experiencing a Golden Cross. This highlights a bullish outlook for the altcoin in the coming time.
Maintaining the price above its support level of $0.4085 will set the stage for the SEI price to head toward its resistance level of $0.6015. On the flip side, a bearish reversal could pull the price of the SEI token toward its lower support level of $0.2265 during the upcoming weeks.