- On-chain metrics for SEI, including transaction volume, account growth, and gas usage, are positive.
- SEI price witnessed massive liquidity inflow, supporting a bullish outlook.
- SEI’s funding rates and derivatives volume indicate growing market optimism.
Sei (SEI) price has experienced an intraday surge of nearly 26%, breaking through the 20-day, 50-day, and 200-day EMA bands. This spike was primarily driven by Bitcoin’s price approaching the $64,000 level.
Concurrently, the global crypto market cap increased by almost 2% from the previous day, reaching $2.26 Trillion. The total market volume also saw a 9% rise, climbing to $75.36 Billion.
Intraday, the broader crypto market embarked on a notable upward trajectory, with significant coins showing impressive gains. As September and Q3 close, the market’s recovery has sparked optimism among crypto enthusiasts worldwide.
Reflecting this broader market trend, SEI crypto emerged as one of the day’s top gainers. Please keep reading to analyze whether the SEI price can maintain its rally.
On-chain metrics paint a positive picture of the SEI price
The number of transactions on the SEI crypto blockchain has surged to 11.46 million. It indicated high demand and active usage. This uptick was reflected in the improved transaction graphs.
Correspondingly, the number of accounts has grown significantly, reaching 851.295K this month. The increase in transactions and accounts suggests the growing SEI blockchain adoption and usage.
Moreover, the blockchain boasted a high transaction success rate of 0.977. This meant that most transactions were completed. Also, a high transaction success rate indicated reliability, further boosting user confidence.
Total gas usage has also increased, surpassing 3 trillion. The number of contracts has risen to 15.548, with 1.767K verified contracts.
The rise in gas usage and contracts pointed to increased activity and development on the platform. All these factors combined suggest a bullish outlook for the SEI price.
Massive Liquidity Witnessed in SEI Price
The SEI price experienced a remarkable surge over the past day, with a nearly 26% increase. This boost propelled its market cap to $1.61 Billion, almost doubling from its September low of $844 Million. It elevated its rank to 52nd intraday.
According to SEI price analysis, the spot volume inflow was also noteworthy. It saw a more than 250% rise in 24-hour volume, reaching $475.98 Million. This surge in demand highlighted the significant liquidity injected into SEI, pushing its price past dynamic EMA hurdles.
The intraday market cap-to-volume ratio was around 29%, indicating a strong bullish presence. This surge signaled growing demand, with investors ready to buy at the current price. It supported a bullish outlook in the long term.
SEI Crypto Price Bullish in Perpetual Market
SEI crypto’s OI-weighted funding rates have shown a decrease in bearish sentiment. In the past 48 hours, the crypto climbed from -0.0490% to -0.0060%. This shift indicated growing market optimism for the SEI price.
In the last 24 hours, derivatives volume surged by an impressive 263%, bringing the total traded value to $823.01 Million. This increase reflected the rising demand for SEI in the derivatives market.
Similarly, SEI crypto‘s open interest has risen to $173.56 Million, a 35.44% increase from the previous session. The 24-hour long/short ratio stood at 0.9739, indicating more short positions than long ones. In terms of liquidations, $1.35 Million in shorts and $442.33K in longs were liquidated.
The rise in open contracts and higher short-side liquidations suggest that the SEI price could continue to climb.
Is SEI Price Headed For $1 Mark?
The SEI price experienced an extraordinary rally, surging nearly 1000% from Q4 2023 to Q1 2024, peaking at $1.1455. However, this rapid ascent triggered a significant sell-off, causing the SEI coin price to drop and form a descending channel.
This decline established a support level at $0.2500. It is a price point that had previously attracted buying interest earlier in the year.
Throughout Q3 2024, SEI’s price struggled to break above the 20-day and 50-day EMA bands, leading to consolidation. By mid-Q3 2024, around August 5th, a bullish presence emerged from the demand zone, resulting in a 125% growth.
The recent intraday surge pushed SEI crypto price beyond the 200-day EMA bands. With this sustained confidence, a proper change of character (ChoCH) has been achieved beyond $0.4150 and the 200-day EMA.
Per the SEI price prediction, suppose the bullish momentum continues. The SEI price could rise to $0.6000, with further targets at $0.7800 and $0.9600.
Conversely, the SEI price might consolidate above the 200-day EMA if the intraday momentum fades. However, failing to maintain this dynamic support could raise more concerns.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
