SEI Breaks Out of Falling Wedge, Targets $0.26 Amid Bullish Momentum

• SEI holds key $0.19 support, maintaining strong post-breakout momentum.
• Price targets $0.26 after breaking above wedge and $0.23 level.

SEI continues to gain traction as price action confirms a bullish breakout from a recent falling wedge pattern. According to World Of Charts, SEI recently broke out of a falling wedge formation, a move typically seen as bullish. 

The price tested the breakout zone around $0.190 and has since bounced back, trading near $0.2065 at the time of analysis. This movement reflects a 3.46% increase, positioning the token for further upside. Analysts noted that a similar pattern in May led to a 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.

Resistance Levels and Short-Term Price Structure

SEI formed 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.

Price Surges as Market Volume and Sentiment Rise

SEI surged by 16.5% within the last 24 hours, reaching a high of $0.2326, according to CoinMarketCap. 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.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.