SEI Breaks Out Of Channel: Could It Rally Ahead?

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.

SEI, a Layer-1 project token, saw renewed buying interest on Monday as its price spiked over 13% in a day.

The SEI token price experienced bullish momentum on Monday as its price continued to rise. The token experienced a buying wave as its price surged over 13% intraday.

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 price encountered a lower high on the daily chart, indicating the ongoing downtrend, with a series of lower lows 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.

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 encountered accumulation from the bottom. Afterward, a sustained buying interest led the token to reverse sharply.

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, which 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

As per the Fib retracement levels, the token has an immediate $0.500 level in the noteworthy 50% zone. The bulls could aim to catch it in the short term.

In a highly bullish case, the SEI token price could shatter the $0.800 barrier and 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, which signifies more assets being deposited into the network and could indicate 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. Moreover, the Futures Open Interest rose over 26.41% to $92.09 Million, indicating 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.

SEI Price Might 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.

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