Crypto has displayed erratic behavior recently, marked by downturns, scams, and general uncertainty. However, SEI crypto has defied expectations, rallying by 31% despite the looming threat of global turmoil.
A significant price increase saw SEI rise from $0.158 to $0.268, transforming a pessimistic market viewpoint into a more favorable one.
Here’s a recap of why SEI could surpass other Layer 1 solutions:
SEI Crypto Gains Ground with Record Network Activity
An uptick in decentralized exchange (DEX) activity aligned with SEI’s rise, achieving an all-time high in trading volume of $263 million this week. Daily token transaction volumes soared to $284 million as investor interest surged after a sluggish period.
On June 17, a notable spike introduced $9 million in daily inflows, marking the year’s highest. Derivative trading volumes also expanded, with total activities surpassing $1.16 billion and open interest rising over 60%.
“Sei Network has been selected by the Wyoming Stable Token Commission as a candidate blockchain for WYST 馃嚭馃嚫”
Translation: Sei Network has been chosen as a potential blockchain for Wyoming’s fiat-backed stablecoin initiative.
Increased investor confidence is tied to SEI being shortlisted for Wyoming’s WYST stablecoin, enhancing its credence in institutional contexts.
Later this year, SEI will initiate its Giga upgrade, which stands to amplify transaction throughput by 50x, reduce block times by 70x, and ensure sub-400 ms transaction finality.
Technical Indicators Signal Sustained Momentum
Indicators indicate potential for SEI’s continuous ascent. The $0.16 mark has shown resilience against dips, with hopes now set on $0.30 for further growth.
Currently, the RSI stands significantly high yet reflects bullish momentum, supported by a positive MACD crossover. According to DeFiLlama:
- The Total Value Locked (TVL) on SEI has improved by 1.62% in the past 24 hours, reaching $506.38 million.
- Perpetual and DEX trading volumes registered $63.63 million and $32.04 million, highlighting increasing DeFi activity.
What鈥檚 Next for SEI?
SEI is not merely riding a wave of speculation. Its resurgence is backed by tangible network usage, strong investor interest, and favorable technical conditions all in alignment.
While a temporary pullback might occur, SEI remains an attractive investment at its current valuation. Analysts note that if SEI matches SUI’s market cap, it could potentially rise to $4, marking a 20x increase from present levels.
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