As a result of a rise in demand, the price of Sei tokens saw a significant spike in the year 2024. The price of the cryptocurrency set a new all-time high of $0.80, which is more than 700% higher than its low point in 2023. Its current market worth is greater than $1.7 billion. At the moment, it is one of the most widely used cryptocurrencies all over the world.,
When the cryptocurrency was first introduced to the futures market in August of the same year, the amount of open interest in the coin surpassed 160 million dollars. After announcing its ambition to become carbon neutral, the platform was able to accomplish this huge accomplishment.
During the last day, the price of the Sei has increased by twenty percent, reaching a current level of $0.76 at the time of this writing. According to statistics provided by Coingecko, this occurs as a result of the token seeing a weekly increase of 80%.
Sei is a significant blockchain network that was introduced when it was launched through the Binance Launchpool program a few months ago. The coin in the Binance Launchpool that currently holds the title of biggest by market capitalization is this one. There are a number of additional individuals that are involved in the ecosystem, including Pendle, Klaytn, Beam, and Sui.
Although it is still a new ecosystem in contrast to its more established equivalents, the core DeFi apps of the Sei network, such as Astroport, Levana Perps, Fuzio, and White Whale Dex, are driving the network's continuous development. This is despite the fact that the Sei network is becoming increasingly popular.
Hits of $5 Million for SEI TVL
It is estimated that the total locked value of these decentralized applications is around $6.39 million, which results in a very high ratio of 266 between the DeFi TVL and the market cap. Considering that Ethereum is now trading at 9.6, Tron is trading at 1.3, and BNB is trading at 13.77, these ratios are insignificant in compared to Sei's, which highlights the platform's potential for even higher development and value capture in the market for decentralized finance.
The price of the Sei cryptocurrency throughout time is depicted in the chart that can be found below. Since the beginning of the year 2024, the price has been slowly climbing, and it is presently trading at around $0.76.
The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are both in the green zone, which indicates that there is ongoing buying pressure on Sei and that the price is expected to continue to increase in the short term. Both of these indicators are in the green zone.
Indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) are both in the green zone, which indicates that there is ongoing buying pressure on Sei and that the price is likely to continue to increase in the short term.
In spite of this, the Relative Strength Index (RSI) is now located in the overbought range, which indicates that a price correction may be imminent in the near future.
In general, the chart conveys the message that Sei is a bullish cryptocurrency that possesses a great deal of potential. On the other hand, it is essential to keep in mind that the cryptocurrency market is quite unpredictable, and the price of Sei may undergo sudden and unexpected shifts.
