A recent purchase of SEI tokens valued at $775,000 by World Liberty Financial has prompted a brief surge in the token’s price, which climbed by 20% before hitting a critical resistance level that halted further momentum.
As reported by a blockchain analytics platform, World Liberty Financial (WLFI) acquired 4.89 million Sei (SEI) tokens for $775,000 on April 12. The transaction was executed through a WLFI trading wallet, which was funded using USD Coin (USDC) sourced from the project’s primary wallet.
With this latest acquisition, SEI becomes part of a diverse array of altcoins in WLFI’s investment portfolio, which also includes Bitcoin (BTC), Ethereum (ETH), Tron (TRX), Ondo Finance (ONDO), Avalanche (AVAX), Ethena (ENA), Movement (MOVE), Chainlink (LINK), and Wrapped Bitcoin (WBTC).
According to an analysis by another blockchain tracking service, WLFI has invested a cumulative total of $346.8 million across 11 different tokens.
In reaction to this purchase, SEI’s price jumped by 20% by day’s end, starting at $0.15 and closing at $0.18, marking its highest value since March 29.
However, a look at the daily chart reveals a persistent downtrend that has been in effect since early December of the previous year. Throughout this period, SEI has continually recorded lower highs and lower lows, with each subsequent rally proving to be weaker than the last. The token has remained below the 20-day Exponential Moving Average, and attempts to surpass this threshold have been fleeting.
Currently, SEI is trading slightly above a significant support level around $0.17, resting at $0.1773 as of this writing. This level has experienced multiple tests recently, indicating it is a critical zone where buyers are entering the market to curb further decline, at least for the time being. Additionally, following the WLFI purchase announcement, the price has managed to rise above the 20-day EMA, but it remains uncertain whether this increase will be sustained. Should the $0.17 support fail, the next crucial level to watch is $0.15.