SEI Token Jumps 100% in 30 Days—But $20M Unlock May Test the Rally

SEI, the native token of the Sei blockchain, has risen over 100% in the past month and is trading at $0.35. This is its highest...

Quick overview

  • SEI, the native token of the Sei blockchain, has surged over 100% in the past month, reaching $0.35, its highest level since January 2024.
  • The total value locked (TVL) in Sei has increased by 230% from $200 million to $661 million, primarily driven by Yei Finance.
  • A significant token unlock of 55.56 million SEI tokens, valued at around $20 million, is set for July 15, which may impact market sentiment.
  • Current technical indicators suggest a bullish trend for SEI, but potential profit-taking could occur if the price falls below $0.33.

SEI, the native token of the Sei blockchain, has risen over 100% in the past month and is trading at $0.35. This is its highest level since January 2024 and puts the spotlight back on this layer-1 blockchain as investors prepare for a big token unlock.

The surge comes as on-chain metrics and market interest in SEI have picked up. According to DeFiLlama, Sei’s total value locked (TVL) has gone from $200 million in January to $661 million now — a 230% increase. Most of this liquidity is in Yei Finance which holds $366 million.

DEX volumes are strong, averaging $65 million over the past 5 days. Market cap has now surpassed $2 billion, even though the token is 69% off its all-time high of $1.14 in March.

$20M Unlock Looms

The good times may be short lived. On July 15, SEI will unlock 55.56 million tokens — worth around $20 million — according to Tokenomist. While this is less than 1% of the circulating supply, it could still impact short term sentiment.

Token unlocks can be uncertain, especially if early investors or team members decide to sell. In the days leading up to the event, SEI’s 24h trading volume surged 28% to $500 million, showing increased anticipation and speculation.

SUI Price Chart - Source: Tradingview
SUI Price Chart – Source: Tradingview

Key stats ahead of the unlock:

  • Tokens unlocking: 55.56 million
  • Value: ~$20 million
  • 24h trading volume: +28% to $500 million
  • Open interest: +2% to $351 million
  • Futures volume: +24% to $977 million

Technicals Still Bullish

SEI’s technicals are still looking good — for now. The token is in an uptrend and above the upper Bollinger Band. RSI is at 70.4, just outside overbought.

All major moving averages across timeframes are buying. MACD and momentum are still bullish. CCI is overbought so we could see a pullback if sentiment shifts.If SEI goes above $0.36 with volume, we could see $0.40 or more. If it rejects and closes below $0.33, we could see profit taking and a short term correction.

Watch closely post unlock.

ABOUT THE AUTHOR See More
Arslan Butt
Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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