SEI Skyrockets to All-Time High: Is a Bull Rally Reversal Looming?

In the last 24 hours, bullish momentum has had the upper hand in the Sei (SEI) market, which has seen a 50% increase in value. Consequently, the digital currency skyrocketed to $0.355464, marking a notable all-time high (ATH). At press time, SEI was exchanging hands at $0.348876, a 46.69% surge from the intra-day low. This surge has propelled Sei’s market capitalization to $772,043,882, positioning it as the 79th largest cryptocurrency in market cap.

SEI/USD 24-hour price chart (source: CoinStats)

Trading Volume and Social Engagement Skyrocket

Additionally, Sei’s trading volume has significantly surged by 413% in the past day to reach $725,373,521. This upsurge has crowned SEI as the top 24-hour gainer among the top 100 cryptocurrencies, according to CoinMarketCap. Alongside its financial growth, there’s been a notable spike in social volume, with a 154% increase in conversations about Sei, primarily driven by discussions on platforms like Telegram and X.

Moreover, SEI’s total open interest (OI) has soared by 123%, climbing from $33.8 million to $75.4 million in just a day. However, the distribution between long and short positions in this market remains to be seen.

Attributable to the price surge is last month’s announcement of a partnership between Circle, the entity behind the second-largest stablecoin, USDC, and the layer-1 blockchain, Sei. Following this, Sei Labs revealed that Sei v2 would incorporate support for the Ethereum Virtual Machine. These milestones have been instrumental in SEI’s price reaching the previous ATH of $0.295 in November.

SEI/USD Technical Analysis

The Chaikin Money Flow (CMF) on the SEI/USD price chart is trending in a positive direction with a rating of 0.37, indicating buying pressure in the market for SEI/USD. This pattern implies that the amount of money moving into the cryptocurrency is greater than the amount flowing out, which could increase its price.

Furthermore, a positive CMF rating indicates that investors are bullish on the SEI/USD and are actively accumulating positions. If the CMF rating rises further, it could signal a stronger positive trend for the SEI/USD.

SEI/USD 4-hour price chart (source: TradingView)

The stochastic RSI value of 77.08 for SEI/USD, on the other hand, implies that SEI is currently overbought. This move may result in a short-term price correction or consolidation as investors begin to take profits. If the stochastic RSI rating remains high or continues to rise, the price of SEIUSD may experience another correction or decline.

In conclusion, Sei (SEI) has experienced an explosive surge, breaking an all-time high. With increasing trading volume and social engagement, the bullish momentum seems strong, though caution is advised due to overbought conditions.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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