Boom and Bust: World Liberty Financial's $775K SEI Buy Sparks Wild Ride

Hang onto your hats, crypto fans! World Liberty Financial just threw down $775K on Sei tokens, sending the price soaring 20% in a flash before it slammed into a wall of resistance.

WLFI's Big Bet on SEI

Arkham Intelligence spilled the beans that World Liberty Financial (WLFI) scooped up a whopping 4.89 million Sei (SEI) tokens. The move went down on April 12, with a WLFI trading wallet shelling out USD Coin (USDC) straight from the project's main stash.

SEI's now rubbing elbows with the big dogs in WLFI's portfolio, joining the ranks of Bitcoin, Ethereum, Tron, and a slew of other hot altcoins. Looks like WLFI's not messing around, with a cool $346.8 million spread across 11 tokens, according to Lookonchain.

SEI's Rollercoaster Ride

The SEI price went wild after WLFI's buy, skyrocketing from $0.15 to $0.18 by the end of the day. That's the highest it's been since March 29, but don't get too comfy.

The daily chart's been on a steady downhill slide since early December last year. SEI's been making lower highs and lower lows, with each rally fizzling out faster than the last. It's been stuck below the 20-day Exponential Moving Average, with every attempt to break through being a short-lived thrill.

Right now, SEI's teetering just above a crucial support level around $0.17, trading at $0.1773 as we speak. This level's been tested more times than a proctor's patience, hinting that buyers are ready to step up and keep the price from tanking, at least for now. And get this—with the WLFI news, SEI busted through $0.18 and the 20-day EMA. But can it stick the landing? If that $0.17 support crumbles, watch out for a drop to $0.15.