Sei, the layer-1 blockchain for high-frequency crypto trading, witnessed a significant surge of over 25% in its native token’s price within the last 24 hours. Starting from a low of $0.366, Sei (SEI) reached a high of $0.471, marking its highest level since June 12. This surge propelled its market capitalization to $1.6 billion, positioning it as the 59th largest digital asset globally according to CoinGecko data.
The price spike coincided with a 187% increase in daily trading volume, currently standing at around $523 million. Data from Coinglass also revealed a 34.4% rise in SEI’s daily open interest, which reached $170.3 million at the time of writing. This suggests that heightened investor activity is fueling Sei’s ongoing rally.
On the 1-day chart, SEI broke out of a falling wedge pattern, which typically indicates the potential for further upside. Additionally, it surpassed the upper Bollinger Band at $0.4503, indicating strong upward momentum. The Directional Movement Index also indicated increasing bullish momentum, with a rising +DI and a falling -DI, signifying reduced selling pressure. The climbing Average Directional Index further suggests that the previously weak bullish trend is gaining strength.
Traders are advised to monitor the psychological resistance level at $0.50, as a successful breach, accompanied by strong volume, could push the price towards $0.55 or higher. However, caution should be exercised as the overbought Relative Strength Index at 74 indicates the potential for a near-term correction or consolidation. In the event of a reversal, the middle Bollinger Band around $0.3224 could serve as a crucial support level.
In terms of liquidation levels, Coinglass highlights $0.454 as the key downside threshold, with potential liquidation of approximately $494.47K in long positions if SEI drops to that level. On the upside, a rise to $0.475 could trigger the liquidation of around $3.44 million in short positions. At present, bulls appear to be in control, with the potential to trigger liquidations of short positions at higher levels.