SEI rallies 35%, open interest and social volume doubled

2023-12-19 08:29:33

Sei (SEI) registered significant gains over the past day as its social activity and open interest (OI) more than doubled in just 24 hours.

SEI is up by 35% in the past 24 hours and is trading at $0.345 at the time of writing — marking a new all-time high (ATH). The asset’s market cap rose to $790 million, making it the 86th-largest cryptocurrency.

SEI price, open interest, social volume and RSI – Dec. 19 | Source: SantimentData shows that SEI’s daily trading volume registered a 433% rally over the past day, reaching $680 million. With the current surge, SEI became the top 24-hour gainer among the leading 100 crypto assets.

According to data provided by the market intelligence platform Santiment, Sei’s social volume surged by 154% over the past day. The majority of the activity comes from Telegram and X, per Santiment.

Moreover, SEI’s total OI increased by 123% in the past 24 hours — rising from $33.8 million to $75.4 million. However, the exact ratio of long and short position holders is still not clear.

On the other hand, the Relative Strength Index (RSI) indicator for SEI rose from 39 to 57 over the past day. For the Sei token to keep its bullish momentum, the asset’s RSI needs to stay below the 65 mark — a further increase could suggest the possibility of a price correction.

Last month, Circle, the company behind the second-largest stablecoin, USDC, announced a strategic partnership with the layer-1 blockchain, Sei. A week later, Sei Labs stated that Sei v2 would support the Ethereum Virtual Machine.

Both announcements helped SEI to reach the $0.295 ATH for the first time in late November.

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