thecoinrepublic.com
Sei (SEI), a Layer-1 project token that leverages modular blockchain, has experienced renewed buying interest as its price spiked to over 13% in a day.
As the cryptocurrency market experienced bullish sentiment over the weekend, the SEI token retained bullish momentum and extended the surge. With an immense volume surge of over 152%, the token exhibited a sharp up move and lifted over 30% this week.
When writing, the token price was primed to crack the overhead trendline barrier with significant bullish activity and crossover above the 50-day EMA mark. It was looking for a breakout rally ahead.
SEI has seen a remarkable uptick in its value, signifying increased buying interest. However, the token still struggled to flip the ongoing downtrend. The series of lower lows was still depicted on the chart.
A daily close above the $0.410 mark would confirm the valid channel breakout and might push toward $0.500 soon.
SEI changed hands at $0.3423 at the time of writing, up over 13% intraday, making it one of the top gainers in the market.
SEI Breaks Out Of Channel: Could It Rally Ahead?
On the daily chart, the token price has rebounded from the channel’s lowest trajectory of $0.2300. It witnessed accumulation from the bottom. Afterward, a sustained buying interest led the token to reverse vertically.
The recent price uptick showed a fresh buying interest and volume surge, conveying investors’ optimism. It was fueled by the overnight price uptick in most crypto altcoins, which signified the demand surge.
SEI Price Chart | Source: Santiment
The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) have shown a confirmed bullish crossover. It is interpreted as an increased buying pressure.
@CryptoFaibik, in his tweet, said that the SEI token had escaped the trendline barrier and recorded a falling wedge breakout.
$SEI #SEI Falling Wedge Upside Breakout is finally Confirmed.. ✅ https://t.co/HFt8FKN4tN pic.twitter.com/YfLLzm9jz7
— Captain Faibik 🐺 (@CryptoFaibik) August 24, 2024
A Tweet by @CryptoFaibik | Source:X
Per the Fib retracement levels, the token has an immediate $0.500 level in the noteworthy 50% zone. The bulls aim to catch it in the short term.
The SEI token price could shatter the $0.800 barrier in a highly bullish case. It might reach the $0.920 mark in the upcoming weeks.
Total Value Locked (TVL) Continued to Rise
The token’s TVL has witnessed an impressive rise for the past few weeks. It signified more assets being deposited into the network. It can signify growing trust and interest among investors.
TVL Data | Source: DeFiLlama
Currently, SEI has a TVL of $188.43 Million with a 24-hour volume of $6.02 Million. Furthermore, the Futures Open Interest rose over 26.41% to $92.09 Million. That indicated fresh long buildup activity in the past 24 hours.
The short liquidations were increased to $70.36k, whereas the long liquidations stood at $6.43k, conveying the bullish sentiment.
How the SEI Price May Perform in the Near Future?
Suppose the token continues to attain bullish swings and successfully crosses the prompt hurdle of $0.3500. In that case, it may trigger a sharp breakout rally and can proceed toward the upside of $0.4200 in the next sessions.
On the other hand, if the token fails to cross the 100-day EMA mark, a rejection may take place. The token could retest the lower support zone of $0.3100 in the short term.