- Sei Network surges 24% in 24 hours, now trading at $0.3232 with daily volume exceeding $1 billion.
- Up over 59% in the past 30 days, SEI nears key resistance, eyeing $0.70 in a bullish breakout setup.
- Analysts confirm a trend reversal, citing a break above $0.25 and a long-term downtrend line.
Sei Network (SEI) is gaining momentum as the next major catalyst in the cryptocurrency space as it catches a surge of fresh bullish sentiment. Having suffered through several weeks of bears, provoked negative pressure whipped up by wider macroeconomic turbulence, SEI now finds itself poised for a major breakout. The asset was seen retracing major technicals and gaining serious interest among investors as well as traders.
Currently, Sei is trading at $0.3232, recording a 24-hour gain of 22.17%. The token also records a daily volume of $1.09 billion, as well as a capitalization of $1.81 billion. Even more importantly, SEI has risen by more than 59% over the last 30 days and nearly doubled in price from a local bottom in a little over a fortnight.
Source: CoinMarketCap This major price action occurs because Sei Network forms a probable classic reversal setup, nearing a significant Fibonacci retracement level. According to analysts, a breakout through the level could act as the catalyst for a larger continuation rally, which could push the price of SEI to the $0.70 resistance area.
The breakout hasnt escaped the attention of the crypto space. Well-liked analyst NFT Bear (@nftdad.sei) shared a brief yet excited update via social media: SEI is pumping. What do you think, boys? reflecting the increasing enthusiasm about the token. That tweet caused a stir among retail traders, many of whom are monitoring SEI for a multi-week rally.
Source: X Adding to the optimism, commentator Robert Mercer explained a more technical analysis of the setup. As Mercer explained, the token has busted a major resistance level of $0.25 and successfully overcome a long-term downtrend line. On a speedy retest, the rising momentum resumed for SEI, confirming the bullish setup. Mercer capped the analysis off with a reassuring call: Clear setup. Must buy.
Source: X Also Read: Massive SEI Rally Incoming? Top Analyst Says Buy Before the Surge
The recent price surge of SEI occurs while the general market is rebounding, and it appears that alternative coins such as SEI may have the potential to gain as a result of changing macro trends. This includes an increasing risk appetite among investors and better sentiment throughout the crypto space.
If the general trend aligns with that of the technical indicators, the Sei Network then becomes a top short-term breakout candidate.
If the current momentum continues and SEI breaks through the next major resistance, the token could soon skyrocket to the much-anticipated $0.70 target, positioning itself as a top altcoin of 2025.
Also Read | Sei Network Hits $626 Million TVL, Gains Japan Regulatory Approval
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
