SEI Network (SEI) Spikes Following an Important Announcement; Analyst Advises Watching This Resistance to Confirm Uptrend

Sei Network’s native token SEI has rallied over 45% in the last 30 days, according to analyst UMER. However, he cautions that SEI needs to break key technical resistance around $0.17 to confirm an uptrend.

SEI’s price surge coincided with the announcement of the new Sei Marines program. This initiative aims to build an engaged community of ambassadors to spread awareness and drive adoption of the Sei ecosystem.

The tiered loyalty program offers participants rewards, NFTs, and other benefits for completing tasks that support Sei’s growth. Users can progress through various ranks like Crew, Officer, Captain and Colonel by contributing more.

This gamified approach taps into people’s innate desires for progression, exclusivity, and recognition. By incentivizing ambassadors, Sei hopes to supercharge organic grassroots marketing and create a passionate community.

The initial popularity of Sei Marines reflects an encouraging interest in the project’s mission. However, whether the fundamental catalyst translates to a sustainable upside move will depend on SEI’s ability to break past technical resistance.

Sustained trading above $0.17, which aligns with its 200-day moving average, would confirm the start of a new macro-uptrend. SEI will need to build on community excitement with continual development and adoption to turn short-term speculation into long-term upside.

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The recent price surge came on the back of immense trading volumes, with SEI seeing over $336 million in trading activity over the past 24 hours. Such high participation shows the market’s keen interest, but SEI will need to justify its nearly $277 million market capitalization with execution.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency