SEI Soars Amidst Market Recovery, Eyes Further Gains
$SEI , the native token of the Sei blockchain, is leading the crypto market recovery today, surging 33% to $0.268. This marks its highest price since May 12 and a remarkable 90% increase from its April low. SEI's market capitalization has reached $1.49 billion, with a daily trading volume of $557 million, representing a 175% jump from the previous day. This impressive performance comes as SEI has seen an overall 40%+ gain in the last 24 hours.
The rally in SEI coincides with a broader market resurgence. The global cryptocurrency market capitalization has increased by 2.4% to $3.35 trillion after weekend losses from Middle East conflict concerns. Bitcoin (BTC) has reclaimed the $105,000 level, while major altcoins like Ethereum (ETH), Solana (SOL), and XRP have also posted strong gains of 7%, 7%, and 6% respectively.
Looking ahead, traders are eyeing SEI's ability to hold above the $0.273 support level for further upside. The excitement for an "altcoin season" is palpable in the market. According to insights from #BingXAI, a sustained two-to-three-week drop in Bitcoin dominance, an upward trend in the ETH/BTC ratio, and significant trading volume spikes (30%+) for altcoins are key indicators to watch for the onset of such a season. If these conditions align, SEI, along with other altcoins, could be set for further substantial gains.
