2024 saw a sharp increase in the price of Sei tokens due to a surge in demand. It reached a record high of $0.80, more than 700% higher than its 2023 low, and now has a market value of more than $1.7 billion. It now ranks among the most popular cryptocurrencies worldwide.
Upon its launch in August of that same year, the cryptocurrency in the futures market saw open interest surpassing $160 million. This significant achievement came after the platform declared its intention to achieve carbon neutrality.
The Sei price has seen gains, rising 20% in the last day to trade at $0.76 at the time of writing. This occurs as the token experienced an 80% weekly rise, according to Coingecko data.
SEIUSD currently trading at $0.7367 on the daily chart: TradingView.com
Launched through the Binance Launchpool program a few months ago, Sei is a prominent blockchain network. By market capitalization, it is now the largest cryptocurrency in the Binance Launchpool. Pendle, Klaytn, Beam, Sui, and others are the other participants in the ecosystem.
The key DeFi applications of Sei network, including as Astroport, Levana Perps, Fuzio, and White Whale Dex, are driving the network’s steady expansion, even though it is still a young ecosystem in comparison to its more established counterparts.
SEI TVL Hits $5 Million
The total locked value of these dApps is approximately $6.39 million, which translates to a very high DeFi TVL to market cap ratio of 266. With Ethereum at 9.6, Tron at 1.3, and BNB at 13.77, these ratios pale in comparison to Sei’s, which underscores the platform’s potential for even greater growth and value capture in the DeFi space.
SEI TVL. Source: DeFiLlama
SEI TVL. Source: DeFiLlamaSEI Price Analysis
The chart (below) shows the price of the Sei cryptocurrency over time. The price has been increasing steadily since the beginning of 2024, and it is currently trading at around $0.76.
The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators are both in the green zone, which suggests that there is still buying pressure on Sei and that the price is likely to continue to rise in the short term.
Here are some of the key takeaways from the chart:
- Sei has been on a tear since the beginning of 2024, with its price more than doubling in just a few weeks
- The RSI and MACD indicators are both in the green zone, which suggests that there is still buying pressure on Sei and that the price is likely to continue to rise in the short term
- However, the RSI is also in the overbought region, which means that the price could be due for a correction in the near future
Overall, the chart suggests that Sei is a bullish cryptocurrency with a lot of potential. However, it is important to remember that the cryptocurrency market is volatile, and the price of Sei could change rapidly.
In the meantime, Sei’s price is increasing in anticipation of the launch of V2, which aims to make it the first blockchain with parallelized EVMs. This implies that Sei’s improved speed and throughput may be utilized by any Ethereum or Ethereum Layer 2 application.
Featured image from Shutterstock
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