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Sei, the layer-1 blockchain for high-frequency crypto trading, saw its native token’s price jump more than 25% in the last 24 hours. 
On Sept. 25, <a href="https://crypto.news/tag/sei/" target="_blank">Sei </a>(<a href="https://crypto.news/price/sei/" target="_blank">SEI</a>) rose from an intraday low of $0.366 to hit a high of $0.471 earlier in the day across major exchanges. 
This is the highest level the token has been since June 12, with its market capitalization leaping to $1.6 billion, positioning it as the 59th largest digital asset globally, according to CoinGecko data. 
The price surge came alongside a 187% rise in its daily trading volume, currently hovering around $523 million. Further, Coinglass <a href="https://www.coinglass.com/currencies/SEI" target="_blank">data </a>shows that SEI’s daily open interest was up 34.4% to $170.3 million when writing, pointing to heightened investor activity fueling SEI’s ongoing rally. 
On the 1-day chart, SEI had broken out of a falling wedge pattern, a technical setup that <a href="https://crypto.news/flare-sees-gains-as-transactions-rise-falling-wedge-pattern-forms/" target="_blank">typically signals further upside</a> potential. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="928" height="542" src="https://crypto.news/app/uploads/2024/09/SEIUSDT_2024-09-25_12-45-13.png" alt="Sei spikes 25%, breaks key resistance as bulls eye $0.50 - 21" class="wp-image-14299733">
 <figcaption class="wp-element-caption">
 SEI price, Bollinger Bands and RSI chart -Sept. 25 | Source: <a href="https://crypto.news/price/sei/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
It has also broken the upper Bollinger Band, which stands at $0.4503, indicating that upward momentum remains strong. 
The Directional Movement Index shows increasing bullish momentum, with a rising +DI and a falling -DI, indicating reduced selling pressure. At the same time, the Average Directional Index is climbing, suggesting that the previously weak bullish trend is gaining strength. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="928" height="542" src="https://crypto.news/app/uploads/2024/09/SEIUSDT_2024-09-25_12-31-57.png" alt="Sei spikes 25%, breaks key resistance as bulls eye $0.50 - 22" class="wp-image-14299734">
 <figcaption class="wp-element-caption">
 SEI DMI – Sept. 25 | Source: <a href="https://crypto.news/price/sei/" target="_blank">crypto.news</a>
 </figcaption>
</figure> 
Given the current trend, traders should keep an eye on the $0.50 mark, which could serve as the next psychological resistance. A successful breach of this level, combined with strong volume, might push the price toward $0.55 or higher. 
However, the overbought Relative Strength Index at 74 signals the possibility of a near-term correction or consolidation. In case of a reversal, the middle Bollinger Band around $0.3224 may serve as a key support level. 
 You might also like: <a rel="" href="https://crypto.news/sei-spikes-23-as-bitcoin-breaks-above-63k/"> Sei spikes 23% as Bitcoin breaks above $63k </a> 
<h2 class="wp-block-heading" id="major-liquidation-levels">Major liquidation levels</h2> 
Currently, the key liquidation thresholds for SEI are around $0.454 on the downside and $0.475 on the upside, with significant leverage among intraday traders at these levels, according to Coinglass. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1450" height="535" src="https://crypto.news/app/uploads/2024/09/Screenshot-2024-09-25-120051.png" alt="Sei spikes 25%, breaks key resistance as bulls eye $0.50 - 23" class="wp-image-14299732">
 <figcaption class="wp-element-caption">
 Source: <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank">CoinGlass</a>
 </figcaption>
</figure> 
If SEI drops to $0.454, nearly $494.47K in long positions could be liquidated. Conversely, a rise to $0.475 could lead to the liquidation of approximately $3.44 million in short positions. 
At press time, bulls seemed to be in control, with the potential to trigger liquidations of short positions at higher levels. 
 Read more: <a rel="" href="https://crypto.news/aave-flips-key-resistance-as-cex-outflows-jump/"> AAVE flips key resistance as CEX outflows jump </a>

Sei spikes 25%, breaks key resistance as bulls eye $0.50

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