The price of Sei (SEI) crypto surged by 10% in the past 24 hours, reaching $0.33, driven by the anticipation of the upcoming Modular Summit event. Traders showed increased interest in the token, leading to a rise in Open Interest (OI) to $59.44 million as they sought to profit from the price movement. However, some traders, who expected a price decrease, were met with liquidations totaling $476,500, indicating a miscalculation in their trading strategy.
Despite the unexpected performance, SEI’s price is predicted to continue increasing based on technical analysis. The token had formed a descending channel pattern, but recent movements suggest bullish momentum, with the price breaking through resistance levels. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) also support a positive outlook on SEI’s price, indicating potential for further gains. If the current demand and momentum are sustained, the price of SEI could reach $0.35 in the short term, with a possibility of hitting $0.38 in a highly bullish scenario.
Traders need to carefully assess market conditions and avoid overleveraging their positions to mitigate risks of liquidations. The volatile nature of the crypto market, coupled with events like the Modular Summit, can lead to unexpected price movements, reminding traders to stay cautious in their trading strategies to avoid losses. Overall, SEI’s price prediction remains positive, with technical indicators suggesting a bullish trend in the near future.
