SEI price has seen a significant 13.4% increase following news of its selection for Wyoming's stablecoin project. Let’s examine the details.
Overview of SEI Growth
SEI's price reached around $0.2140 in response to the announcement that Wyoming's Stable Token Commission has shortlisted Sei as a candidate for its stablecoin initiative. This adds a strong narrative to Sei’s growing ecosystem, including rising Total Value Locked (TVL), increased DeFi participation, and strong trading volumes.
SEI Price Analysis
The daily chart shows a significant bullish breakout from a descending parallel channel pattern. After weeks of consolidation, SEI successfully bounced off the lower band near $0.185, which has now flipped into a strong support zone. The price has surged above the 20-day SMA at $0.1890 and the middle Bollinger Band, confirming a potential trend reversal.
Immediate resistance lies at $0.2108, and if bulls maintain pressure, the next major resistance is at $0.2545. Conversely, if the price retraces, $0.1850 acts as a key support, and a fall below that could revisit the $0.1672 zone.
Frequently Asked Questions
Why is SEI price up today? SEI surged over 13% after Wyoming selected it as a candidate blockchain for its state stablecoin project.
What are the key resistance and support levels for SEI? Key resistance lies at $0.2108 and $0.2545, while support holds at $0.1850 and $0.1672.
How much is 1 Sei? The price of 1 Sei at the time of press is at $0.2106 with an intraday gain of 13.40%.
Thus, the rise in SEI price after the announcement of its inclusion in Wyoming's stablecoin project highlights growing interest in the asset and potential growth prospects.
