Renowned cryptocurrency expert and trader Michaël van de Poppe suggests that Sei (SEI) could be on the verge of a bullish turnaround, potentially challenging Solana (SOL).
Van de Poppe, with a significant following of 719,300 on the social media platform X, indicates that a fresh wave of upward momentum is on the horizon for Sei.
Based on his analysis, Sei has experienced a decline of approximately 70% against Bitcoin (SEI/BTC) since January. Van de Poppe’s chart suggests that Sei might encounter support at 0.0000006 BTC ($0.42).
Currently boasting a market capitalization of about $1.6 billion, Sei is trading at 0.00000768 BTC ($0.543) at the time of writing.
In terms of Bitcoin, Van de Poppe notes that the primary cryptocurrency is range-bound between $67,800 and an all-time high of approximately $73,800. He anticipates that Bitcoin is poised for a breakout towards a new record peak.
In the event of a bearish turn for Bitcoin, the trader provides a chart detailing potential support levels for BTC, including $67,789, $60,748, and $56,000.
Van de Poppe highlights that the key drivers for a bullish trend in Bitcoin and other cryptocurrencies are likely to be the relaxation of monetary policies.
“The European Central Bank has opted to lower rates today, setting a precedent for other central banks. I believe the Federal Reserve will follow suit and reintroduce quantitative easing. This appears to be the only viable solution to the current economic predicament. Consequently, I recommend long positions in cryptocurrencies, Bitcoin, and commodities.”
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