SEI Rockets 40% in 24 Hours – Is $0.37 the Next Stop?
SEI defies market gravity with a blistering 40% surge today, leaving traders scrambling. The altcoin's parabolic move triggers key questions about its next price target.
Breaking resistance like a hot knife through butter
SEI sliced through multiple technical levels during its ascent, with trading volume spiking 300% from weekly averages. The token now flirts with its 2025 high of $0.32.
Whale activity or organic growth?
On-chain data shows three massive accumulation wallets buying 18M SEI tokens before the pump. Meanwhile, retail FOMO reaches levels not seen since the last bull market.
The rally comes as SEI's ecosystem TVL crosses $200M – though that's still pocket change compared to Ethereum's $48B. Whether this marks a sustainable breakout or just another 'buy the rumor, sell the news' crypto moment remains to be seen.
Sei Volume Chart, Source: CoinGlass
Adding to this, the Sei total liquidations chart also shows significant spikes over the past 5 days. Considering the present token sentiments, it could record major price movements within a short period of time as the Optimism for SEI token is rapidly increasing.
Sei Crypto On the Path to a Breakout Rally?
With a listing value of $0.2782, the SEI price has a market capitalization of $1.53 billion which totals to about 0.0477% of the total market share.
The Stochastic RSI indicator has breached the overbought range (80) in the daily time frame, suggesting a significant rise in the buying pressure. However, the current trend suggests a high possibility of a correction shortly, hinting at increasing volatility.
The Exponential Moving Average (EMA) 20, 50, 100, 200 is a key indicator used by investors to identify the key price point as it could help them keep a track of multiple SAFE exits. In the above chart, all 4 EMAs are now below the price mark. Moreover, the 20 & 50-day EMAs have successfully recorded a positive crossover.
The Sei price could retest its immediate resistance level of $0.2910 if the bulls maintain control. Additionally, increasing positive influence could result in it reclaiming its multi-month high of $0.370 soon. Conversely, a bearish reversal may result in it dropping toward its lower support levels of $0.22 or $0.1650 during the upcoming days.
Also Read: Circle Stock 750% Surge Sparks Debate on Stablecoin
