SEI Token Surges 80% as Total Value Locked Reaches $563 Million
SEI, the native token of the Sei blockchain, has increased over 80% in the past week, gaining more than $700 million in market cap. Currently trading around $0.30, it posted a 9% gain in the last 24 hours. The total value locked (TVL) in the Sei ecosystem reached a record high of $563 million, indicating increased liquidity.
Key points:
- Sei is now the second largest EVM-compatible chain by wallet count, with a 74% increase in users over the past month.
- Wyoming selected Sei Network for its blockchain-based stablecoin pilot, boosting confidence in the project.
- Circle's IPO filing revealed it holds more SEI than any other token, indicating institutional interest.
- World Liberty Financial purchased $1 million in SEI, which has since grown to $1.8 million, reflecting an unrealized profit of 80%.
- A SEI ETF filing by Canary Capital further strengthens bullish sentiment, with analysts estimating a 90-95% chance of approval for several altcoin ETFs this year.
Technical analysis shows SEI's RSI is in the overbought region, suggesting potential short-term correction risks. Support is identified at $0.26, while resistance is near $0.34, with a breakout potentially leading to a price target of $0.40. The MACD indicates bullish momentum, requiring SEI to maintain above the $0.30 support level for continued upside.
SEI price chart with RSI and Bollinger Bands | Source: Trading View
SEI price chart with MACD | Source: Trading View