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- SEI reached $0.29 after spot trading on the Upbit exchange increased
- If rising volume continues to follow the price uptrend, SEI may breach $0.30
- Open Interest around SEI increased, suggesting bullish sentiment behind the price action
The native token of Layer-1 (L1) blockchain Sei (SEI) increased by 30.93% in the last 24 hours, CoinMarketCap data showed. As a result, SEI’s price hit a new all-time high (ATH) of $0.29. The recent rise in the value brought the 30-day performance of the cryptocurrency to a 156.44% hike.
One reason the price of SEI increased was because of its trading volume on the South Korean exchange Upbit. Previously, specifically on August 14, Upbit announced that it had listed the token. At that time, trading of the token against the South Korean Won (KRW) increased.
Upbit’s Funds Flow Into SEI
After some time, the hype fizzled out. However, according to CoinMarketCap data, SEI’s 280% increase in trading volume was mainly because of the rising spot volume around the cryptocurrency on Upbit. To be clear, SEI’s trading volume on Upbit was almost $400 million, representing more than 50% of the entire $789.39 million volume.
At press time, the SEI/KRW volume was $358.42 million—the highest on the exchange. Besides the increase in volume, SEI also had a higher market depth than most assets on the exchange.
Only Dogecoin (DOGE) and Ripple (XRP) seemed to have a higher market depth than SEI.
Upbit Trade Volume (Source: CoinMarketCap)
If SEI’s volume continues to increase alongside the price, then a new ATH may not be far away. This is because buying and selling can serve as a strength for the price direction. But that would also depend on the order coming in through the volume.
Should buying pressure outweigh the sell orders, then it could only be a matter of time before SEI crosses the $0.30. This possibility was also reinforced by the Exponential Moving Average (EMA).
Another ATH May Be Close
At the time of writing, the 9-day EMA (blue) had crossed over the 20-day EMA (yellow). This EMA position indicates a bullish bias. While there has been some profit-taking around $0.28, it was only mild.
Concurrently, buyers have continued to make new orders so as to push the SEI price further up. If SEI sustains the bullish momentum, it is possible to see the price hit $0.30, as mentioned earlier. At the same time, bulls need to make sure that bears have no say in the market’s momentum.
SEI.USD 4-Hour Chart (Source: TradingView)
On the other hand, if bulls do not defend the rising momentum, SEI risks falling to $0.24. Furthermore, derivative traders seem committed to helping the token reach a new ATH. This is because of the Open Interest data as shown by Coinglass.
According to Coinglass, SEI’s Open Interest had climbed to $89.58 million, suggesting that there was enough liquidity in the contract linked to the cryptocurrency.
SEI Open Interest (Source: Coinglass)
When placed side by side with the price action, the demand for SEI as indicated by the Open Interest can serve as backing for a further uptrend. Therefore, it is not out of order to expect the SEI token to tap another high.
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