Sei, the layer-1 blockchain for high-frequency crypto trading, experienced a more than 25% increase in the price of its native token over the past 24 hours
Sei experienced a significant increase in value on Sept. 25, rising from an intraday low of $0.366 to a high of $0.471 earlier in the day on prominent exchanges.
The token’s market capitalization has reached $1.6 billion, marking the most significant level since June 12, according to CoinGecko data. This places it as the 59th largest digital asset globally.
The price increase coincided with an 187% increase in its daily trading volume, presently at approximately $523 million.
Additionally, Coinglass data indicates that SEI’s daily open interest increased by 34.4% to $170.3 million at the time of writing, suggesting that SEI’s ongoing rally is driven by increased investor activity.
SEI had exited a falling wedge pattern on the 1-day chart, a technical configuration that typically indicates additional upside potential.
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Additionally, it has breached the upper Bollinger Band, which is currently at $0.4503, suggesting that upward momentum remains robust.
The Directional Movement Index indicates diminished selling pressure, as evidenced by a rising +DI and a declining -DI, which suggests that bullish momentum is on the rise.
Simultaneously, the Average Directional Index is increasing, indicating that the bullish trend, which was previously weak, is gathering momentum.
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Traders should monitor the $0.50 mark in light of the current trend, which can serve as the next psychological resistance. A successful breach of this level and robust volume could potentially propel the price to $0.55 or higher.
Nevertheless, the Relative Strength Index, currently overbought at 74, suggests the potential for a near-term correction or consolidation. The middle Bollinger Band, located at $0.3224, may function as a critical support level in the event of a reversal.
Major liquidation levels
According to Coinglass, the primary liquidation thresholds for SEI are approximately $0.454 on the downside and $0.475 on the upside, with intraday traders employing substantial leverage at these levels.
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Nearly $494.47K in long positions could be liquidated if SEI falls to $0.454. In contrast, the liquidation of approximately $3.44 million in short positions could result in a rise to $0.475 in the stock price.
Bulls appeared to be in control at the time of publication, and there was a possibility that short positions could be liquidated at higher levels.