Key takeaways
- SEI is up nearly 80% in the last seven days after the Sei blockchain was chosen by the Wyoming Stable Token Commission.
- The coin could rally to the $0.40 level soon if the bullish momentum persists.
SEI surges above $0.30
SEI, the native coin of the Sei blockchain, was one of the best performers last week, adding nearly 80% to its value during that period. The positive performance comes amid a market-wide sell-off sparked by the conflict between Iran and Israel.
The coin rallied after Sei was announced as one of the two blockchains selected in the last round by the Wyoming Stable Token Commission to become home to WYST, the first fiat-backed stablecoin issued by a U.S. state.
SEI rallied to $0.34, its highest level since January 2025. It has slightly declined to the $0.30 level but could surge towards the $0.40 level if the bullish momentum continues.
SEI could surge towards $0.40 soon
The SEI/USD 4-hour chart is bullish and efficient, indicating that buyers are currently in control and could push SEI’s price higher in the near term. At press time, the price of SEI stands at $0.3045, establishing a strong support level at $0.2900.
The Relative Strength Index (RSI) of 72 shows that buyers are fully in control of the market. The MACD lines are also in the bullish zone, indicating that the SEI/UISD pair could rally higher.
If the bearish momentum continues, SEI could test the next resistance levels at $0.4100. In the event of an extended rally, SEI could surge towards $0.48 for the first time since January 2025.
However, the SEI/USD pair could turn bearish if there is a breakdown in the agreement between Israel and Iran. If that happens, SEI could retest the $0.2900 low or even drop lower to $0.23.
