Sei eyes $0.35 on Chainlink integration: check forecast

The crypto market has continued its positive start to the week, with most coins and tokens now in the green. The positive CPI news on Thursday sent Bitcoin above the $114k mark, with traders now expecting a rate cut from the Federal Reserve next week.

Other leading altcoins, including Ether, BNB, XRP, and SOL, are also in the green. SEI is up by nearly 5% in the last 24 hours and could rally higher thanks to positive developments within its ecosystem.

Chainlink Data Streams launches on Sei

SEI, the native coin of the Sei blockchain, is up by 5% in the last 24 hours, making it one of the best performers among the top 100 cryptocurrencies by market cap. The positive performance comes following Sei’s partnership with Chainlink.

Sei announced on Wednesday that Chainlink Data Streams are now live on the Sei blockchain. The team added that they integrated Chainlink Data Streams because it delivers unmatched functionality, with advanced features such as liquidity-weighted bid-ask spreads and sub-second execution speed. It does all these without compromising on transparency and decentralization.

With this launch, DeFi markets on the Sei blockchain now have access to a data solution that provides on-demand access to high-frequency market data backed by decentralized and transparent infrastructure.

SEI targets $0.35 after bullish breakout

The SEI/USD 4-hour chart has switched bullish and efficient, thanks to SEI adding nearly 15% to its value in the last seven days. This makes it one of the best performers in the market since the start of the week.

The recent performance saw SEI hit the $0.32 mark for the first time in two weeks. The coin is now targeting its August high of $0.36 over the next few hours or days. The momentum indicators are extremely bullish, suggesting that buyers are currently in control of the market.

The MACD lines are deep within the positive territory, with the RSI of 67 confirming a bullish bias for Sei. A close above the $0.33 on the daily candle could see SEI break above the $0.35 resistance level and target the August high of $0.365. In the event of an extended rally fueled by the broader crypto market, SEI could target its July high of $0.39. The January high of $0.4355 remains a major resistance on the daily timeframe at the moment.

However, if the market fails to build on the current momentum, SEI could drop to the TLQ and resistance level at $0.3028 in the coming hours or days. This support level will likely hold in the near term, as the next support level stands at the $0.2680 low created on September 1.

Regardless, the market structure is currently bullish, with a Break of Structure (BoS) confirming the switch in trend.