SEI cryptocurrency exhibited significant growth amid overall market recovery, reaching new highs in DeFi.
SEI Growth and Underlying Factors
The SEI token rose by 33% to $0.268 on June 24, marking its highest level since May 12, and has now increased over 90% from its April low. Its market capitalization stood at $1.49 billion, with a daily trading volume of $557 million, which is 175% higher than the previous day.
Cryptocurrency Market Dynamics
The overall cryptocurrency market cap increased by 2.5% to $3.36 trillion, buoyed by gains in Bitcoin, Ethereum, XRP, Solana, and Dogecoin. The positive sentiment follows reports of a potential ceasefire agreement between Israel and Iran, impacting global risk assets.
SEI Price Analysis and Technical Indicators
From a technical perspective, SEI has broken out of several bullish patterns and cleared the upper resistance of a multi-week descending channel, indicating a trend reversal. The token now trades above both its 50-day and 200-day moving averages, confirming a favorable trend structure. The next potential upside target lies at $0.36, aligning with the 38.2% Fibonacci retracement level.
The rise of SEI cryptocurrency and its favorable dynamics amid market recovery highlights the importance of monitoring changes in the global economic landscape and their effects on the cryptocurrency sector.
