The price of Sei’s native token, a layer-one blockchain for high-frequency crypto trading, has risen by more than 25% in the past 24 hours.
On September 25, Sei rose from an intraday low of $0.366 to a high of $0.471 reached earlier that day on major exchanges.
That was the token’s highest level since June 12, and its market capitalization jumped to $1.6 billion, making it the world’s 59th-largest digital asset, according to CoinGecko.
The surge in price has been accompanied by a 187% increase in daily trading volume, which currently hovers around $523 million. Additionally, Coinglass data shows that SEI’s daily open interest has increased by 34.4% to $170.3 million as of this writing, indicating that increased investor activity is driving SEI’s continued rise.
On the 1-day chart, the SEI has broken out of a falling wedge pattern, a technical formation that often signals the potential for further gains.
It has also broken above the upper Bollinger Band (currently at $0.4503), suggesting that the upside momentum remains strong.
The Directional Movement Index shows increasing bullish momentum with +DI rising and -DI falling, indicating easing selling pressure. Meanwhile, the Average Directional Index is climbing, suggesting that the previously weak bullish trend is gaining strength.
Given the current trend, traders should keep an eye on the $0.50 mark, which could be the next psychological resistance level. A successful break above this level, coupled with strong trading volume, could push the price to $0.55 or higher.
However, the relative strength index (RMI) is in overbought conditions at 74, suggesting a possible pullback or consolidation in the near term. In the event of a reversal, the middle Bollinger Band around $0.3224 could act as a key support.
