Sei (SEI) has experienced a significant 60% rise over the last two weeks. The cryptocurrency is currently trading at $0.5264, reflecting a 14% increase in 24 hours. With a trading volume of $783.84 million and Total Value Locked (TVL) at $207.32 million, SEI is capturing attention. However, the market also faces growing concerns about liquidation risks.
Bullish Breakout Drives SEI’s Growth
SEI has maintained a strong upward trajectory. After forming a flagpole, the coin entered a consolidation phase, creating a downward-sloping channel. This pattern indicated the potential for a bullish breakout, which SEI recently confirmed by crossing the channel’s upper boundary.
The breakout at $0.4600 suggests a price target of $0.65, derived by adding the flagpole height to the breakout level. Resistance at $0.5460 and support at $0.4414 are crucial levels for traders to monitor.
Technical indicators back SEI’s bullish outlook. The Alligator lines confirm the market’s upward trend, with SEI staying above these lines. Additionally, the Supertrend remains green, reinforcing a positive momentum as long as SEI stays above the trendline.
Liquidation Risks Could Hinder SEI’s Momentum
Despite SEI’s promising rally, liquidation risks are a growing concern. As SEI’s price rises above $0.527, short sellers face increased pressure. The short liquidation leverage (green) has spiked, signaling heightened risks for those betting against the price.
Conversely, long liquidation leverage (red) has decreased, meaning that if SEI’s price dips below critical levels, long positions could face significant losses. Liquidation clusters have formed at $0.514 for longs and $0.550 for shorts. Any movement toward these levels could trigger substantial liquidations, increasing market volatility.
Can SEI Reach $0.65?
SEI is positioned for further growth if the bullish momentum continues. A sustained breakout could push SEI toward its $0.65 target, while resistance at $0.5460 may slow its progress. On the downside, a breakdown below $0.4414 could trigger long liquidations, causing a sharp price drop.
Conclusion
SEI Coin’s recent performance highlights its potential for growth, but traders must remain cautious. While the target of $0.65 is within reach, rising liquidation risks could lead to market turbulence. Keep an eye on key levels as SEI navigates these critical thresholds.
