SEI experiences a 35% surge, while open interest and social volume witness a twofold increase.
Sei (SEI) experienced significant gains in the past 24 hours, with its social activity and open interest more than doubling during this time. The price of SEI has increased by 35% and is currently trading at $0.345, marking a new all-time high. The market cap of the asset has also risen to $790 million, making it the 86th-largest cryptocurrency.
Data reveals that SEI’s daily trading volume has seen a remarkable 433% surge in the past day, reaching $680 million. As a result, SEI has become the top gainer among the leading 100 crypto assets in terms of a 24-hour period.
According to market intelligence platform Santiment, SEI’s social volume has increased by 154% in the past day. The majority of this activity is coming from Telegram and X.
Additionally, SEI’s total open interest has seen a 123% increase in the past 24 hours, rising from $33.8 million to $75.4 million. However, the exact distribution between long and short position holders remains unclear.
The Relative Strength Index (RSI) indicator for SEI has also shown a notable rise from 39 to 57 in the past day. To maintain its bullish momentum, SEI’s RSI needs to stay below the 65 mark. A further increase could indicate the possibility of a price correction.
In recent news, SEI announced a strategic partnership with Circle, the company behind the second-largest stablecoin, USDC. Additionally, SEI Labs revealed that Sei v2 would support the Ethereum Virtual Machine. These announcements contributed to SEI reaching its all-time high of $0.295 in late November.
Follow Us on Google News.
