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SEI Token Rises Steadily: Can It Reach $0.500 Mark This Month?

  • The SEI token price experienced a sharp follow-on buying with a 26% rise in Open Interest.
  • It gained significant traction and surged over 30% this week.

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.

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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.

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.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ritika Sharma
Ritika Sharma
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.