Sei Surges 15% on EVM Upgrade and Bullish Sentiment
The past 24 hours have seen Sei (SEI) meke the most of the optimism in the crypto market, surging over 15% and momentarily touching $0.91. This positive momentum follows a decisive downtrend since mid-January, but analysts and market indicators suggest several reasons for the recent spike. Here’s a closer look:
1. EVM Compatibility Fuels Developer Optimism
The key catalyst seems to be Sei’s Devnet upgrade, enabling Ethereum Virtual Machine (EVM) compatible dApps. This opens up Sei’s high-speed network to popular DeFi protocols like Uniswap, attracting developers and potentially boosting future use cases. This announcement was met with enthusiasm, with prominent crypto analyst Whale_Of_City predicting SEI’s significance in the next bull run.
2. Decisive Reversal and Technical Indicators
Though SEI initially plummeted in January, its recovery shows a decisive reversal. The past week saw a 21.39% climb, indicating bullish sentiment. Technical analysis shows the Relative Strength Index (RSI) approaching 70, suggesting momentum but nearing overbought territory. If SEI breaches $0.93 resistance, $1.08 could be the next target, while a fall below $0.658 might signal a pullback.
3. Sei’s Rising TVL and Market Cap
Sei’s Total Value Locked (TVL) soared by a staggering 122% in 24 hours, reaching over $429 million. This indicates growing user confidence and locked capital, fueling the price increase. Additionally, the market cap appreciated by 9.62%, exceeding $1.7 billion. These combined metrics paint a picture of increasing traction and investor interest.
4. Bullish Market Sentiment
While the broader crypto market hasn’t seen significant gains recently, there’s a sense of cautious optimism. SEI’s specific developments coinciding with this sentiment might have attracted opportunistic investors seeking potential growth opportunities.
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