Altcoin Sei (SEI) has been demonstrating impressive growth in recent days amidst the rising cryptocurrency market, attracting the attention of investors and analysts.
Overview of Sei
Sei is a layer-1 blockchain that has seen a 28% increase over the past month and a 70% increase over the past week. This growth occurs alongside Bitcoin's recent surge from $100,000 to $107,000.
Factors Behind Sei's Rise
The analysis platform Alphractal reports that Sei has recently broken out of the accumulation zone and started a rapid rise. A 48.3% increase in open interest and a 155% rise in trade volume indicate aggressive buying from large investors (whales).
Market Analysis and Outlook
Alphractal notes that Sei's charts reveal clear bullish reversal signs with multiple buy signals. Analysts also suggest similar movements are observed in other altcoins, possibly signaling the start of a broader bullish market.
Sei's rise demonstrates the activity of large investors in the altcoin market and may forecast a broader bullish trend in the cryptocurrency industry.
