Sei Crypto TVL Hits ATH at $626M as Deriatives Market Surges, Will prices Rally?

Key Insights:

• SEI Crypto surged to $626 Million, marking a 29.8% weekly gain amid low token prices and steady protocol onboarding.
• SEI’s spot price traded sideways between $0.258 and $0.267, with resistance at $0.27 holding firm.
• The technical structure indicates consolidation.

According to Artemis data, Sei Crypto has set another record on TVL, currently at $626 Million. This is a 60.2% rise over the last week. The explosion occurred even though the price of $SEI was relatively low.

The token was trading below $0.27. TVL charts reveal a recovery and steady upward trend since June 21. The TVL recorded a temporary downtrend by dipping below $500 million.

Since that introduction, locked capital has constantly risen as new protocols entered the ecosystem. Currently, TVL exceeds the 600-million mark. The recent is at the edge of existence at $633 Million.

Sei Crypto Prices Still Struggle to Gain Despite Rising TVL

Sei Crypto is currently on a bullish run, trading at $0.2625. This marks a daily increase of 0.89%, showing steady upward momentum.

According to CoinMarketCap, the token’s price action reflects growing market interest. It oscillated between 0.258 and 0.267 during the July 6-7 period with no signs of a breakout.

A few attempts have been made to break the $0.27 resistance. A sharp intraday pullback follows it. $SEI is hovering near its 50-day SMA at $0.2761 and 100-day SMA at $0.2657 on the 4-hour chart.

This technical setup suggests a potential consolidation phase or a breakout move ahead. The 4-hour candlesticks show that the Binance exchange is in a technical consolidation structure.

The 100 SMA has been provided as resistance above about $0.2657. Support stands slightly above the 200 SMA at about $0.2261.

Sei crypto price is squeezed between the 100-day and 200-day moving averages. This is an indication that it is going to decide the following sessions.

The Awesome Oscillator (AO) posted a figure of -0.0039, representing slightly bearish momentum. Also, the volume delta is negative, and red volume bars prevail in the bottom part of the chart.

This indicates continuous selling pressure and the absence of bullishness even after a recent breach of higher highs over $0.30. This was observed in the final week of June.

Sei Crypto On-chain Data Indicating Bullishness

$SEI derivatives volume is reportedly at $272.52 Million, a 7.04%  decrease in the past 24 hours. Nonetheless, the open interest has grown by 2.93% to $241.61 Million.

This shows an increase in the level of commitment of capital to futures positions, with a general reduction in the rate of trading.

The data on liquidation events indicates that $466.63 was liquidated over the past 24 hours. Most of it is in short positions of $412.39, compared to a minimum of $54.24K in long positions.

The short squeeze also indicates trapped bearish bets, which aligns with the TVL uptrend. However, the price action does not reflect a breakout.

The increase in the TVL of Sei Crypto is due to the growing number of DeFi protocols on the network. A sustained upward trend suggests firm conviction from developers and liquidity providers. Their confidence in the platform’s long-term value remains steady, even during short-term price fluctuations.

SEI’s total value locked (TVL) has steadily risen, starting at $480 Million on June 21. It climbed to $542 Million by June 26 and reached $633 Million as of July 7, showing strong platform growth.

Considering price action tended to follow past highs, a relatively small uptrend could see TVL skyrocket above $1 Billion.

Data shows that capital inflow with existing valuations has remained robust. This means that the network utility is temporarily decoupled from spot market volatility.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.