The price of SEI is nearing the end of a death cross 5 months after a 50% increase.

SEI has been bullish recently, marking a significant leap, likely due to the growing interest in alternative blockchains.

This bullish wave comes after many months of accumulation and high trading volume that may continue to support rising prices. However, will this bullish momentum be enough to end the death cross pattern that has lasted for 5 months?

SEI investors are currently very bullish

The daily transaction volume on the SEI network has been steadily increasing over the past few months. In fact, the number of transactions has tripled in the last 3 months, reaching a peak of 1.6 million transactions in just one day.

The increase in activity signals strong demand for assets and reflects investor confidence. A high number of transactions means that investors are becoming more interested, and many of them may be attracted by the developing ecosystem of SEI.

If this trend continues, it could push SEI prices even higher, reinforcing the bullish momentum that the market is experiencing.

Number of SEI transactions | Source: NansenAlthough the price of SEI has been bullish recently, this coin is still stuck in a death cross pattern since January, lasting for over 5 months. This technical pattern occurs when the 200-day exponential moving average (EMA 200) is above the 50-day EMA, signaling a prolonged downtrend.

However, the recent bullish trend has stimulated the 50-day EMA to start rising slightly, indicating that a trend reversal may be forming.

If the 50-day EMA crosses above the 200-day EMA, it will mark the emergence of the golden cross pattern – a signal indicating that a sustainable bullish trend may be about to begin.

The possibility of this crossover is igniting hope among investors that SEI may finally break free from the previous bearish trend, opening up opportunities for a stronger bullish run in the near future.

EMA of SEI | Source: TradingView## SEI price is bullish

As of the time of writing, SEI is trading at $0.3 – which is also an important resistance level. This is the highest level in the past 4 months, after the price has increased by 50% in the past week.

The recent bullish trend has brought SEI into the spotlight of investors, with attention now focused on whether it can break the resistance level of 0.3 dollars.

If SEI succeeds in turning the $0.3 level into support, this altcoin could continue its bullish momentum up to $0.35. This is an important level to maintain the bullish trend and reinforce recent gains.

Breaking through this resistance level will indicate that the bullish momentum is sustainable and may signal the end of the downtrend.

SEI Price Analysis | Source: TradingViewHowever, if investors choose to take profit, SEI may adjust. Falling below the support level of $0.27 will indicate that the bullish momentum is weakening and could push the price down further to $0.24.

Falling to this level will invalidate the current bullish argument, signaling the possibility of a trend reversal for this altcoin.

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