SEI Price Hits An All-Time High, What Triggered The 52% Price Surge?

Sei (SEI) has experienced substantial gains over the past 24 hours, marked by a 52% surge in price, propelling it to a new all-time high of $0.3501. The impressive performance has positioned Sei as the 81st-largest cryptocurrency, with a market cap of $799 million.

Sei’s recent rally extends beyond its price surge, as both social activity and open interest (OI) have more than doubled within the same 24-hour period. According to data from Santiment, Sei’s daily trading volume witnessed a 433% increase, reaching $680 million. 

Source: CoinStats – Start using it today

The Relative Strength Index (RSI) for Sei also saw a notable increase, rising from 39 to 57 within the past day.  In a broader context, Sei’s recent success is complemented by strategic partnerships and technological advancements.

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Last month, Circle, the entity behind the second-largest stablecoin, USDC, announced a strategic collaboration with Sei’s layer-1 blockchain. Additionally, Sei Labs revealed that Sei v2 would support the Ethereum Virtual Machine, enhancing its capabilities and potential use cases.

As Sei continues to capture the spotlight with its exceptional performance, market analysts closely observe whether the cryptocurrency can sustain its momentum and navigate potential corrections in the ever-evolving crypto landscape.

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Felix Küster
Felix Küster

Felix Kuester works as an analyst and content manager for Captainaltcoin and specializes in chart analysis and blockchain technology. He is also actively involved in the crypto community - both online as a central contact in the Facebook and Telegram channel of Captainaltcoin and offline as an interviewer he always maintains an ongoing interaction with startups, developers and visionaries. The physicist has couple of years of professional experience as project manager and technological consultant. Felix has for many years been enthusiastic not only about the technological dimension of crypto currencies, but also about the socio-economic vision behind them.