SEI Sees Significant Gains in Social Activity and Open Interest
Sei (SEI) has experienced a notable increase in social activity and open interest (OI) within a 24-hour period, resulting in significant gains.
SEI Surges by 35% and Hits New All-Time High
In the past day, SEI has seen a 35% surge in value, reaching an all-time high (ATH) of $0.345. Its market cap has also risen to $790 million, making it the 86th-largest cryptocurrency.
Daily Trading Volume and Rankings
The daily trading volume for SEI has skyrocketed by 433%, totaling $680 million. This surge has propelled SEI to become the top gainer among the leading 100 crypto assets.
Social Volume Surges by 154%
According to Santiment, Sei’s social volume has increased by 154% in the past day, with the majority of activity occurring on Telegram and X platforms.
Open Interest Doubles in 24 Hours
SEI’s total open interest has grown by 123%, rising from $33.8 million to $75.4 million in just 24 hours. However, the distribution between long and short position holders remains unclear.
RSI Indicator Shows Bullish Momentum
The Relative Strength Index (RSI) for SEI has risen from 39 to 57 within a day, indicating bullish momentum. To maintain this momentum, the RSI should stay below the 65 mark to avoid a potential price correction.
Partnerships Boost SEI’s Performance
Last month, Circle partnered with Sei, which contributed to SEI reaching its ATH of $0.295 in late November. Additionally, Sei Labs announced that Sei v2 would support the Ethereum Virtual Machine.
Hot Take: SEI’s Social Activity and Open Interest Surge
SEI has witnessed significant gains driven by increased social activity and open interest. With a 35% surge and new ATH, SEI has captured the attention of crypto investors. Its daily trading volume has skyrocketed, propelling it to the top spot among the leading crypto assets. The surge in social volume and doubling of open interest within 24 hours indicate growing interest in SEI. However, monitoring the RSI is crucial to sustain its bullish momentum and avoid potential corrections. Furthermore, strategic partnerships with Circle and Sei Labs have played a role in SEI’s recent performance. These developments highlight SEI’s potential for further growth and market impact.
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