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Cryptocurrency News Articles
SEI (SEI) Token Skyrockets by 25%, Can It Sustain the Momentum?
Sep 25, 2024 at 11:30 pm
SEI [SEI] has experienced a significant surge, capturing the attention of both traders and investors across the crypto market.
Sei Network [SEI] has seen a massive rally, grabbing the attention of both traders and investors alike in the crypto market. Its price action has sparked conversations about the potential for further gains.
As SEI gains ground in the crypto space, the key question remains: Can SEI sustain this explosive momentum?
Breaking down SEI’s latest price action
At press time, SEI was trading at $0.461 with a significant 24.71% increment over the past day. This sharp rise brings SEI closer to the upper Bollinger Band, which often signals overbought conditions.
However, the relative strength index (RSI) stood at 68.11, indicating potential for further growth before reaching overextension.
As a result, many traders are now keeping a close eye on whether SEI can break through its current resistance or if a short-term pullback will occur.
Therefore, the next few trading sessions could be crucial for SEI’s price action.
Source: TradingViewSEI’s volume surge and its impact
Along with the price increase, SEI’s volume also skyrocketed by 343% in 24 hours at press time, reaching $958.68 million.
This massive surge in volume highlighted growing market interest, which was likely driven by both institutional activity and retail traders looking to capitalize on the momentum.
Moreover, higher volume tends to bring more liquidity, allowing for smoother price movements without substantial slippage.
As a result, this surge in volume may propel SEI to test higher resistance levels in the short term. However, if the volume begins to fade, the price action could stall or reverse.
Source: CoinglassTVL: A sign of growing confidence
Sei Network’s decentralized finance (DeFi) ecosystem also played a role in its rise. SEI’s TVL has grown to reach $559.43 million, according to DeFiLlama.
This increase showed that more users were locking their funds into SEI’s protocols, which indicated rising confidence in its ecosystem.
Furthermore, as TVL increases, SEI’s network gains more liquidity, providing a foundation for continued growth. Hence, the expanding TVL contributes to SEI’s bullish trajectory.
Source: DefiLlamaSEI’s long and short Ratio
At press time, 51.38% of traders held long positions, while 48.62% were shorting the token. This near-balance reflected caution among traders, but the slight tilt toward long positions suggested a bullish bias.
As a result, the long-to-short ratio of 1.0568 implied optimism, but a sudden shift in sentiment could trigger volatility.
Source: Coinglass
Realistic or not, here’s SEI’s market cap in BTC’s terms
Given SEI’s strong fundamentals, rising volume, and expanding TVL, the momentum will likely persist. SEI has an 80% chance of continuing its upward trajectory in the near term.
However, traders should be cautious of resistance levels and potential volatility, as short-term corrections remain possible.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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