Rally

bullish

Solana

DeFi

Bitcoin

<ul class="wp-block-list">
 <li>SEI breaks 27-day high amid DeFi growth and falling wedge breakout.</li>
 <li>Liquidity and funding boost confidence in SEI’s decentralized finance ecosystem.</li>
</ul>
The cryptocurrency market has been highly volatile since the start of the month, with Bitcoin hitting a 25-day high yesterday, sparking a brief surge. However, today the overall market has dipped, with total market capitalisation down 0.39% and trading volume dropping by 28%. Despite the red across most <a href="https://coinmarketcap.com/" rel="noopener noreferrer nofollow">altcoins</a>, one coin has stood out—SEI (SEI)—which saw a 5% increase in the last 24 hours, reaching a 27-day high of $0.3747.
Currently, SEI is trading at $0.3665, with its trading volume rising 28% in the last day. Over the past week, SEI has surged by 23%, largely driven by bullish technical indicators and developments within its <a href="https://thenewscrypto.com/defi-protocol-deltaprime-hacker-moves-50-of-stolen-funds-to-tornado-cash/" rel="noopener noreferrer nofollow">DeFi</a> (decentralised finance) ecosystem.&nbsp;
The upward movement follows a confirmed breakout from a falling wedge pattern, a bullish reversal signal often indicating a transition from a downward trend to an upward one. This breakout has sparked optimism among investors.
Moreover, the falling wedge pattern, marked by converging downward-sloping trendlines, was breached upwards, signaling a shift in momentum. Historically, such a breakout indicates further upward movement, suggesting that SEI’s previous bearish trend might be behind it. Beyond technical factors, SEI’s <a href="https://thenewscrypto.com/sei-sei-price-prediction/" rel="noopener noreferrer nofollow">price</a> surge has been bolstered by significant activity within its DeFi space.&nbsp;
<h3 class="wp-block-heading" id="h-can-sei-maintain-the-bullish-momentum">Can SEI Maintain The Bullish Momentum?</h3>
While the technical <a href="https://in.tradingview.com/symbols/SEIUSDT/" rel="noopener noreferrer nofollow">breakout</a> and increased liquidity have boosted SEI’s performance, analysts are keeping a close eye on resistance levels. The mid-range resistance at $0.32, tested on 15 September, held strong, preventing further gains. Yet, SEI’s bullish price action remains strong, with the daily RSI (Relative Strength Index) climbing back above 63, signaling buyer dominance. However, the OBV (On-Balance Volume) and CMF (Chaikin Money Flow) have yet to confirm a definitive buy signal, indicating some caution in the market.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdAt5GwKQtmLiVX1kco4twQNmBdLMkjPRQIhalmdv_fStKO3msQwLiwT9jAhQ-znPl8deSdnk34fIEJxkwIMpUnEaRJeLgewPVdIqld_qcTbIzfbz6NlLcslAcbJHpgLwwQe4C7kzWpH5i7Eh3934dAKISU?key=si1K1lPAeYnbpGRQ1k6aQg" alt="">
 <figcaption class="wp-element-caption">
 SEI Price Chart, Source: Sanbase
 </figcaption>
 </figure>
</div>
However, recent macroeconomic factors, including the Federal Reserve’s decision to cut interest rates by 50 basis points, have improved sentiment across the market, providing further price support.
As it approaches its next key liquidity pocket at $0.43, investors are watching closely to see whether the token can maintain its momentum.
Highlighted News Of The Day
<a href="https://thenewscrypto.com/coinbase-introduces-cbbtc-integration-with-solana-at-breakpoint-2024/" rel="noopener noreferrer nofollow">Coinbase Introduces cbBTC Integration with Solana at Breakpoint 2024</a>

Can SEI Sustain Its Rally After Breaking a 27-Day High?

Table of Contents

TheNewsCrypto

Other articles published on Sep 21, 2024

Bitcoin Leads Market Rally, Top Cryptos Trade in Green Zone

Could This Memecoin Hit 15,000% by 2025? Crypto Experts Reveal!

Dogecoin’s Bullish Momentum Builds, but Can It Break $0.11?

Ripple CEO Condemns XRP Scam on India’s Top Court YouTube Channel

Is the Correction Over? ETC Breakout Points to Potential Bullish Reversal

Iggy Azalea disses Vitalik Buterin for singing at Singapore TOKEN2049

Join our free newsletter for daily crypto updates!