Coin Edition -
- The crypto market is bullish ahead of the Federal Reserve FOMC meeting; Bitcoin broke $43,700.
- SEI and SUI surged over 8%, with increased market cap and volume, eyeing to breach resistance.
- Solana’s potential breakout from the descending channel could lead to a $113 target price.
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.
SEI/USD 24-hour price chart (source: CoinStats)
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.
SUI/USD 4-hour price chart (source: CoinStats)
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.
SOL/USD 24-hour price chart (source: CoinStats)
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.
The post Crypto Market Bullish as FOMC Approaches: SEI, SUI, SOL Show Strong Gains appeared first on Coin Edition.