SEI Surges 16.5% in 24 Hours, Breaking Key Resistance

SEI, a prominent digital asset, has recently demonstrated significant bullish momentum, breaking out of a falling wedge pattern. This technical formation is typically viewed as a bullish indicator, suggesting that the asset may continue to rise. SEI successfully held the key support level at $0.19, which has been crucial in maintaining its upward trajectory. The price has since bounced back, trading near $0.2065 at the time of analysis, reflecting a 3.46% increase. This movement positions the token for further upside, with analysts noting that a similar pattern in May led to a substantial 56.64% rally.

The projected target based on the wedge breakout is $0.26, representing a 47.73% gain from the breakout level. SEI has already delivered over 20% gains since June 21, reinforcing trader confidence. However, analysts caution that maintaining support above $0.190 remains crucial for sustaining the bullish setup. The price action confirms a bullish breakout from a recent falling wedge pattern, with SEI forming a bullish falling wedge on the daily chart, which has now broken to the upside. The price, currently around $0.2062, is consolidating in a short-term range between $0.2058 and $0.2303. The lower bound reflects the previous candle’s low, while the upper range acts as resistance.

Minor support is seen at $0.2058, with stronger support holding at $0.1890. A rejection at $0.2303 could lead to a pullback, but analysts suggest a clean break above this level may confirm further upside. SEI surged by 16.5% within the last 24 hours, reaching a high of $0.2326. This move came alongside a 22.94% increase in trading volume, which reached $341.6 million. The market cap rose to $1.29 billion, tracking the price increase closely with a 16.48% gain. With a fully diluted valuation of $2.32 billion, SEI has a total supply of 10 billion tokens and a circulating supply of 5.558 billion. The volume-to-market cap ratio stands at 26.47%, indicating strong trading activity. Analysts are now watching the $0.23 level closely, where sustained price action could reinforce the bullish continuation.