Within the last 24 hours, the price of SEI cryptocurrency has experienced a remarkable surge of 15.14%, indicating increased market activity and investor attention.
With SEI consolidating its recent gains, it is now poised to challenge the significant $1 milestone, a crucial achievement that could further solidify its position as a prominent player in the market during the bullish phase.
Rising Market Interest
Recent data has unveiled a notable rise in new users joining SEI’s blockchain network, reaching a record high within the past 24 hours.
Currently, the user base stands impressively at 871,000, a milestone previously unreached by the platform.
This significant uptick in user adoption typically signals heightened interest from previously passive market participants, translating into positive momentum for SEI’s price.
The impact of this expanding user base is already visible, with these new users driving essential factors that influence SEI’s market performance and price trajectory.
SEI Achieves New Peaks
SEI has achieved new milestones across various critical areas, reflecting a resurgence in market interest and enhanced participation among users.
Transaction volume has surged, returning to levels not seen since August, indicating increased engagement and stronger market interactions.
A notable accomplishment is SEI’s Total Value Locked (TVL), a crucial metric indicating market health by measuring the total value in USD of cryptocurrency staked, locked, or deposited into a blockchain or protocol.
In the last 24 hours, SEI’s TVL soared to a record-breaking $218 million, underscoring investors’ deep interest and confidence.
Furthermore, developers are propelling SEI’s growth, with the deployment of smart contracts reaching an all-time high, aligning with increased developer engagement and signaling ongoing improvements and innovations within SEI’s ecosystem.
SEI Derivatives Gain Traction
Derivative traders have shown a keen interest in SEI, contributing to a remarkable 222.21% surge in trading volume, which reached $1.78 billion at present.
Simultaneously, Open Interest, tracking the total value of outstanding derivative contracts, has recorded a substantial uptick of 39.25% to $281.29 million.
The convergence of these factors hitting new peaks, along with substantial participation from derivative traders, signifies a prevailing bullish sentiment in the market, potentially propelling SEI’s price to unprecedented levels in the foreseeable future.