I presume you discovered the "slow leak" by noticing that the tire was nearly flat. This is how these things normally go. When you ride on a low tire for a while the tire tends to spin on the rim. Was the valve stem at an angle? If so, what probably happened was that the stem was at least partially ripped out of the tube. This would cause the blow-out. A lot of slow leaks are caused by riding around on a low tire, causing the above mentioned valve stem issue. When was the last time you actually checked the pressure?
Another possibility is that what ever puncture caused the original leak damaged the tube to the point that with more pressure it simply split. Also, with low pressure, a big bump can pinch the tube between the rim and tire. This also causes a tear or split.
Tire sealers work thusly: fibers are suspended in a glue solution that sets up when put under pressure. When an object protrudes into the tube, the fibers stick to it. When the object is pulled or forced out the fibers fill the hole and the glue sets up. For this to work it is best to install the sealer BEFORE there is a flat, or at least with the puncturing object still in the tire or tube. Once the object is out, the sealer can't work. The sealer also can't seal a rip or tear. Use a sealer only in an emergency when there is NO other way. Then ride only to where you can properly repair the flat. The sealer in NOT a permanent repair.