Investors are on edge as the crypto market waits for the impending Federal Reserve FOMC meeting, with the interest rate decision scheduled for January 31. As a result, bullish momentum has revived in the cryptocurrency market as investors anticipate a positive outcome from the conference.
This increased confidence has resulted in an increase in trading volume and a jump in prices for several cryptocurrencies, with Bitcoin (BTC) leading the way after breaking out to $43,700. Concurrently, basking in optimism, Sui (SUI), Solana (SOL), and Sei (SEI) have also experienced significant price gains despite a bearish trend earlier in the day.
SEI/USD
Following a negative trend in the Sei (SEI) market in the early hours of the day, support at the intra-day low of $0.6431 has helped to reverse the downward trend. As a result, the SEI price has gradually increased, reaching a new intra-week high of $0.7569. At press time, SEI was trading at $0.7267, up 10.83% from its intraday low.
During the rise, SEI’s market capitalization and 24-hour trading volume increased by 11.18% and 139.82%, to $1,767,322,504 and $488,183,881, respectively. If the SEI bullish trend breaks through the $0.75 resistance, the next level to watch out for is $0.80. However, if the price fails to break through the $0.75 resistance, there may be a potential pullback towards the support level at $0.70.
SUI/USD
Sui (SUI) has likewise been on an upswing, increasing 8.30% in the previous 24 hours to a 30-day high of $1.64. This spike underscores the Sui trend’s optimism following a 43% 7-day surge and a 100.79% monthly surge, according to CoinMarketCap. At press time, SUI was trading at $1.55 after failing to maintain its previous high of $1.64.
SEI’s market capitalization and 24-hour trading volume climbed by 8.75% and 83.22%, respectively, to $1,717,451,196 and $834,899,779, indicating investor interest and increasing trading activity.
SOL/USD
Concurrently, Solana’s price saw a 7.90% increase, trading at $104.05 as of press time. Moreover, crypto analyst Ali Martinez has highlighted a significant breakout from a descending parallel channel, suggesting a potential rise in Solana’s value. Martinez’s analysis points to a pivotal moment for Solana, indicating that if it sustains above the $94 threshold, an upward movement toward $113 could be on the horizon.
Consequently, the SOL’s market capitalization and 24-hour trading volume increased during the bullish rally by 8.28% and 70.69%, respectively, to $45,207,383,313 and $3,449,259,937.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.