Sei (SEI) has seen a sharp price increase lately, driven by positive technical indicators and DeFi developments. The price of SEI is up 21.79% in the last day, trading at $0.335, with market activity pushing the trading volume to $312 million.
The upward movement comes after the confirmation of a falling wedge breakout and growing interest in SEI’s decentralized finance space, according to leading analysts.
SEI Price Breakout Sparks Bullish Sentiment
Captain Faibik, a top crypto analyst, highlighted the technical breakout of SEI from a falling wedge pattern. This pattern is a common bullish reversal formation that signals a shift from a downward trend to an uptrend. Captain Faibik confirmed the breakout, predicting several midterm price targets.
$SEI Falling Wedge Upside Breakout is finally Confirmed.. Midterm Targets : 0.45 – 0.66 – 1.00#Crypto #SEI #SEIUSDT pic.twitter.com/aj0GWepiNB
— Captain Faibik (@CryptoFaibik) September 19, 2024
SEI’s breakout suggests that previous bearish trends may be over. The pattern, marked by two converging downward-sloping trendlines, was followed by an upward breach, which historically indicates a move towards higher prices.
DeFi Growth Boosts SEI’s Appeal
In addition to technical factors, SEI’s growing presence in decentralized finance is contributing to its price surge. According to a tweet from Cooltimes, SEI’s DeFi ecosystem is heating up with the liquidity pool of a new decentralized exchange doubling in the past day.
$SEI defi is heating up. the liquidity pool of a new native $SEI dex has 2x’ed in the last 24h over $150,000 added so far. the platform @FilamentFinance also recently received $1.2M in private funding to build on $SEI it’s starting to happen. pic.twitter.com/4w8c9p3SSP
— cooltimes (@cooItimes) September 18, 2024
Over $150,000 has been added to this pool, further driving interest in SEI. Cooltimes also mentioned that Filament Finance, a platform building on SEI, recently raised $1.2 million in private funding.
The increased liquidity and financial backing signal growing confidence in SEI’s DeFi potential, adding further momentum to the token’s price.
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Midterm Price Targets and Market Outlook
The technical analysis provided by Captain Faibik indicates a potential midterm price rise for SEI, with the next targets at $0.45, $0.66, and $1.00. As traders continue to observe SEI’s upward momentum, these price points serve as key areas of interest.
As SEI’s technical breakout aligns with increasing DeFi activity, investors are watching the token’s performance in both technical and fundamental aspects. The combination of a confirmed falling wedge breakout and growing DeFi interest has led to a positive market outlook for SEI in the near term.
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