Sei Network forecasts highlight increasing stability after a brief decline from the January peak of $0.85, thanks to a stable support level at $0.775. This pioneer in the world of industry-specific Layer 1 blockchains decentralized exchanges (DEXes) is currently targeting a medium-term target of $1, trading comfortably at $0.8 during US business hours on Wednesday.
Fueled by this price increase, SEI’s market capitalization increased by 3.3% to $1.9 billion, pushing it to 44th place among all cryptocurrencies, according to CoinMarketCap. A decisive close above $0.8 on the four-hour chart could pique investor interest, potentially triggering a wave of longs in anticipation of a breakout to $1.
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Six recently broke out of an ascending triangle, briefly strengthening the bullish theory. However, resistance at $0.85 hindered further gains, leading to the first retest of the S/R x-axis triangle at $0.775.
As mentioned, traders would look for a four-hour close above the immediate support at $0.8 to assert the potential for longer positions on SIX. This, along with MAs like the 20 EMA (blue) and 50 EMA (blue), which are catching up to the uptrend, the SEI has the potential to fill the gap to $1.
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Cryptocurrency analysts and traders like @KazTheShadow on X believe SEI is ready for another major run. However, the trader highlights the bold resistance here at $0.85.
$SEI Looks really ready for another run, but for now there’s still resistance, so no play for me.
I would like to see a strong pump and then repeat the pit test before going in with the SL as shown.
I’m waiting for the trigger now. pic.twitter.com/hj86d2vtmG
— Kaz The Shadow (@KazTheShadow) January 15, 2024
The current neutral RSI of 57 suggests that bullish hopes may need a reality check. While it may remain stable for now, further declines below the 50 midline and into oversold territory could encourage sellers and dampen recent optimism. This potential retracement would be a stark reminder of the underlying selling pressure that lurks beneath the surface.
Traders should proceed with caution, keeping in mind the major support areas, starting from the x-axis of the triangle at $0.775. The 20 EMA and 50 EMA will come in handy if the decline continues, keeping an eye on the local support at $0.7.
If push comes to shove, even if unlikely based on the prevailing technical structure, the Six token it could sweep liquidity to $0.65 to create momentum for a rally above $1.
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