While Bitcoin (BTC) has been the main agenda of the market with its rise from $ 100,000 to $ 107,000 in the last two days, an altcoin listed on Binance is quietly rising.
At this point, Sei (SEI), a layer-1 blockchain, has increased by 28% in the last month and 70% in the last week.
Alphractral, an analysis platform that evaluated the rise in SEI, stated that SEI has recently broken out of the accumulation zone and started to rise.
At this point, SEI broke through the months-long consolidation process and made a sharp rise in the last week.
The analytics firm said that this rally was driven by increased buying pressure from whales, an increase in open interest and volume, and predicted that the rise in the SEI could continue.
Total open interest increased by 48.3%; exchange volume increased by 155%, indicating that large investors are aggressively taking long positions. Again, Alphractal added that the Buy/Sell Pressure Delta data confirms a bullish reversal.
According to Alprachtal, the SEI charts reveal a clear reversal bullish pattern with multiple buy signals flashing green.
Stating that such movements seen in the SEI are not exclusive to the SEI, Alphractal argued that large investors are positioning themselves in altcoins and that it indicates bullishness not only for the SEI but for all altcoins.
“SEI is moving out of the accumulation zone as whales buy aggressively!
SEI is up, leaving the consolidation phase behind. Over the last 24 hours: Open Interest increased by 48.3%, Exchange volume increased by 155%, Bid/Sell Pressure Delta shows clear reversal signals, Multiple Alpha signals accurately highlight buy and sell opportunities.
And it presented an excellent accumulation window for SEI.
“Such moves in SEI are clear signs that Market Makers are positioning themselves in Altcoins. When smart money gets involved, it usually signals the beginning of strong trends.”
*This is not investment advice.
Continue Reading: Analysis Firm Explains: “This Altcoin Is Quietly Rising, Could Be a Sign of an Altcoin Bull!”
