SEI is buying and selling simply above $0.35 after climbing practically 40% up to now week and doubling over the previous month, however a looming unlock may put worth below stress.
The surge marks its highest worth since January, bringing contemporary consideration to the layer-1 blockchain forward of a scheduled $20 million token unlock that might check the energy of the rally. The token’s rise has been supported by sharp good points in on-chain and market exercise.
Based on DefiLlama knowledge, Sei’s (SEI) whole worth locked has jumped from round $200 million in January to $661 million on the time of writing, a greater than 230% improve. The protocol’s TVL briefly reached an all-time excessive of $673 million on June 12 and has remained close to these ranges, with a lot of the liquidity anchored in Yei Finance, which at present accounts for $366 million.
Decentralized change volumes are additionally on the rise, averaging $65 million over the previous 5 days, a mirrored image of stronger dealer engagement on Sei-based platforms. On the similar time, market cap has risen to over $2 billion, suggesting rising capital inflows regardless of the asset nonetheless being down 69% from its all-time excessive of $1.14 set in March 2024.
This wave of momentum now faces a possible inflection level. On July 15, Sei will unlock 55.56 million SEI tokens, or about $20 million, based on Tokenomist knowledge.
Though this solely accounts for slightly below 1% of the present circulating provide, token unlocks can have an effect on short-term sentiment and improve promoting stress if recipients resolve to take income. Merchants will probably be watching carefully to see how the market absorbs the brand new provide.
SEI’s buying and selling quantity has risen by greater than 28% up to now day, to virtually $500 million, within the run-up to the unlock. Rising hypothesis is mirrored in derivatives exercise. Coinglass knowledge exhibits that open curiosity has elevated 2% to $351 million and futures quantity has elevated 24% to $977 million.
On the technical aspect, Sei continues to be buying and selling in a powerful uptrend and is holding above the higher Bollinger Band. At 70.4, the relative energy index is simply exterior of overbought territory. All the main shifting averages on each short- and long-term timeframes are flashing purchase indicators, and the momentum and MACD indicators are nonetheless bullish.
Nonetheless, the commodity channel index has moved right into a high-risk space, indicating that there could also be a short-term overextension of the token, which can lead to a pullback. Whereas there’s no rapid reversal sign, any shift in sentiment across the unlock may set off a cooldown.
Sei might attempt to run towards $0.40 or increased if it breaks clear above $0.36 with growing quantity. The bullish setup can be weakened by a rejection and a detailed again beneath $0.33, which could permit for short-term profit-taking.
