Top Performer:
SEI, the layer-1 blockchain designed for high-frequency crypto trading, experienced a significant price surge of more than 25% within the last 24 hours. On September 25, SEI’s native token rose from a low of $0.366 to a high of $0.471, marking its highest level since June 12. This surge propelled its market capitalization to $1.6 billion, making it the 59th largest digital asset globally.
Trading Volume and Momentum:
The price increase was accompanied by a 187% rise in daily trading volume, which currently stands at approximately $523 million. Coinglass data also indicates a 34.4% increase in SEI’s daily open interest to $170.3 million, pointing to heightened investor activity driving the ongoing rally. Technical analysis reveals that SEI has broken out of a falling wedge pattern, signaling potential upside. The upward momentum is further supported by breaking the upper Bollinger Band at $0.4503.
Future Price Movement and Support Levels:
Traders are advised to monitor the $0.50 mark as a key psychological resistance level, with a successful breach potentially leading to further gains towards $0.55 or higher. However, the overbought Relative Strength Index at 74 suggests a possible correction or consolidation. In case of a reversal, the middle Bollinger Band around $0.3224 could act as a crucial support level. Additionally, liquidation thresholds for SEI are identified at $0.454 on the downside and $0.475 on the upside, impacting intraday traders with significant leverage at these levels.
