The altcoin market suffered a significant blow as Bitcoin (BTC) fell below the critical threshold of $40,000. Leading altcoins including Ethereum (ETH), Solana (SOL), and Avalanche (AVAX) experienced declines exceeding 5%, with some even surpassing 10%. Crypto analyst Bluntz highlighted the Layer 1 project Sei (SEI) as a potential standout in the market downturn, which could turn into a buying opportunity for investors.
Crypto analyst Bluntz, monitoring the Sei (SEI) token closely, anticipates a bright future for SEI. According to Bluntz, SEI is on the verge of completing the final leg of a five-stage uptrend that could propel its price above the $1 mark, potentially reaching as high as $1.2.
Bluntz’s shared SEI chart indicates that for the uptrend to continue, the price must not fall below the descending channel’s trend line, which is currently around $0.55.
If Bluntz’s predicted bullish scenario materializes, the altcoin’s price could surge to $1.2, representing a 114% increase from current prices.
At the time of writing, SEI is showing resilience among altcoins following Bitcoin’s decline, trading at $0.5678, down 5.77% over the last 24 hours according to CoinMarketCap. This price level is above the descending channel’s trend line, keeping Bluntz’s positive scenario in play. SEI’s performance shows mixed trends on weekly and monthly time frames, with a 28% decrease over the week and a 58% increase over the month.