The price of SEI has reached $0.35, showing a 40% increase over the past week and doubling over the month. However, the impending token unlock may exert pressure on prices.
Price Surge and Market Activity
SEI has reached its highest price since January, garnering attention amid a scheduled $20 million token unlock. Significant market gains reflect increased trading activity.
Upcoming Token Unlock and Risks
On July 15, SEI will unlock 55.56 million tokens, amounting to about $20 million. This represents just under 1% of the current circulating supply, but token unlocks can influence short-term market sentiment.
Technical Analysis and Forecasts
Technically, SEI is in a strong uptrend, holding above the upper Bollinger Band. Indicators point to a bullish sentiment, though the commodity channel index suggests potential short-term overextension. Changes in sentiment related to the unlock could trigger a cooldown.
SEI exhibits strong growth amid rising market activity, but the upcoming token unlock might introduce uncertainty and short-term selling. Traders are advised to monitor developments closely.
