SEI token surged by 90% in a week, reaching $0.30, with World Liberty seeing an 80% unrealized profit.
Bullish divergence above $0.25 and a $0.40 target prompted technical buying in the SEI market.
On-chain growth, with USDC supply hitting $225 million and derivatives volume surging 92% to $2.66 billion, drove demand for SEI.
SEI has been a standout performer in the crypto market, increasing by 90% over the past seven days and 8% in the last 24 hours.
World Liberty's purchase of 5.98 million SEI tokens for $1 million, now valued at $1.8 million, sparked speculation on political and financial ties.
Analysts suggest SEI may target the $0.40 resistance level after confirming a bullish divergence and aim for $1.
Improving market sentiment due to geopolitical events like the Israel-Iran ceasefire also benefited SEI.
Sei's ecosystem has seen exponential growth, with USDC supply rising from $1.2 million to $225 million, showcasing expansion and trust in the protocol.
Wyoming Stable Token Commission choosing Sei for a state-backed stablecoin adds credibility and regulatory ease to the project.
Derivatives market frenzy witnessed Open Interest at $310 million, trading volume up 92% to $2.66 billion, reinforcing a bullish market sentiment.
The long/short ratio stands at 1.019, reflecting a very bullish market stance.
Approximately $4.99 million in shorts were liquidated, fueling the ongoing price rally.
SEI's recent performance and ecosystem growth indicate a positive trajectory and strong market interest.
SEI's rise showcases vibrant market activity and investor enthusiasm amidst geopolitical and on-chain developments.
The news provides insights into the exceptional performance and factors behind the remarkable surge of the SEI token.