Sei, the layer-1 blockchain designed for high-frequency cryptocurrency trading, experienced a remarkable surge in its native token’s price, soaring over 25% within the last 24 hours.
On September 25, Sei (SEI) climbed from an intraday low of $0.366 to reach a peak of $0.471 across major exchanges. This marks the highest price point for the token since June 12, with its market capitalization rising to $1.6 billion, making it the 59th largest digital asset worldwide, as reported by CoinGecko.
This price increase was accompanied by a staggering 187% jump in daily trading volume, now around $523 million. Additionally, data from Coinglass indicates that SEI’s daily open interest surged by 34.4% to $170.3 million, reflecting heightened investor activity that is driving SEI’s ongoing upward trend.
On the 1-day chart, SEI has successfully broken out of a falling wedge pattern, a technical configuration often signaling further potential for price increases.
The token has also surpassed the upper Bollinger Band, currently at $0.4503, suggesting that the upward momentum remains robust. The Directional Movement Index points to strengthening bullish momentum, as evidenced by a rising +DI and a declining -DI, which indicates reduced selling pressure. Furthermore, the Average Directional Index is on the rise, suggesting that the previously weak bullish trend is gaining strength.
In light of the current momentum, traders should monitor the $0.50 level, which may act as the next psychological barrier. If this threshold is breached successfully, particularly with strong volume, it could propel the price toward $0.55 or even higher.
However, the Relative Strength Index, currently at 74, indicates that the asset may be overbought, suggesting a potential near-term correction or consolidation. Should a reversal occur, the middle Bollinger Band around $0.3224 could serve as a significant support level.
Currently, the critical liquidation points for SEI are approximately $0.454 on the downside and $0.475 on the upside, with considerable leverage among intraday traders at these thresholds, according to Coinglass. If SEI falls to $0.454, nearly $494.47K in long positions could be liquidated. Conversely, a rise to $0.475 might trigger the liquidation of around $3.44 million in short positions.
At the time of writing, bulls appear to be in control, poised to potentially trigger liquidations of short positions at elevated levels.