Sei spikes 25%, breaks key resistance as bulls eye $0.50

Sei, the layer-1 blockchain for high-frequency crypto buying and selling, noticed its native token’s worth bounce greater than 25% within the final 24 hours.

On Sept. 25, Sei (SEI) rose from an intraday low of $0.366 to hit a excessive of $0.471 earlier within the day throughout main exchanges.

That is the best stage the token has been since June 12, with its market capitalization leaping to $1.6 billion, positioning it because the 59th largest digital asset globally, in line with CoinGecko knowledge.

The worth surge got here alongside a 187% rise in its day by day buying and selling quantity, at present hovering round $523 million. Additional, Coinglass data exhibits that SEI’s day by day open curiosity was up 34.4% to $170.3 million when writing, pointing to heightened investor exercise fueling SEI’s ongoing rally.

On the 1-day chart, SEI had damaged out of a falling wedge sample, a technical setup that typically signals further upside potential.

It has additionally damaged the higher Bollinger Band, which stands at $0.4503, indicating that upward momentum stays sturdy.

The Directional Motion Index exhibits rising bullish momentum, with a rising +DI and a falling -DI, indicating decreased promoting strain. On the identical time, the Common Directional Index is climbing, suggesting that the beforehand weak bullish pattern is gaining power.

Given the present pattern, merchants ought to regulate the $0.50 mark, which may function the subsequent psychological resistance. A profitable breach of this stage, mixed with sturdy quantity, may push the value towards $0.55 or greater.

Nonetheless, the overbought Relative Energy Index at 74 alerts the potential of a near-term correction or consolidation. In case of a reversal, the center Bollinger Band round $0.3224 might function a key assist stage.

Main liquidation ranges

At present, the important thing liquidation thresholds for SEI are round $0.454 on the draw back and $0.475 on the upside, with important leverage amongst intraday merchants at these ranges, in line with Coinglass.

If SEI drops to $0.454, practically $494.47K in lengthy positions may very well be liquidated. Conversely, an increase to $0.475 may result in the liquidation of roughly $3.44 million in brief positions.

At press time, bulls appeared to be in management, with the potential to set off liquidations of quick positions at greater ranges.