SEI Price Surges 10.49% as User Activity and Transactions Jump

SEI, a cryptocurrency, has seen a significant surge in user activity, with Daily Active Wallets increasing by 10.49% to 561,000 and Daily Transactions jumping by 20.13% to 1.47 million. This surge in activity has pushed the price of SEI to $0.3039, indicating a strong adoption wave that has been building since early Q2. The rise in user activity and transactions suggests that SEI is gaining traction and attracting more users to its platform.

The increase in user activity has also been accompanied by a rise in social momentum. SEI’s Social Dominance hit 0.59% before settling at 0.387%, while Positive Sentiment surged past 14 on the 27th of June. This rise in visibility indicates that the token is attracting broader interest, potentially driven by strong community backing. However, while increased social buzz tends to foreshadow breakouts, it can also attract speculative activity, which could lead to volatility in the market.

Despite the positive on-chain traction and sentiment, Funding Rates remained negative at -0.032% at press time, indicating short-heavy positioning. This suggests that derivatives traders are reluctant to fully back the rally, which could serve as fuel for a potential short squeeze if the price continues to climb and forces liquidations on the bearish side of the trade. The persistence of red funding bars shows that traders are still fighting the trend, which could lead to a short-term risk for SEI.

At the time of writing, the Open Interest jumped by 7.78% to $310.87 million, reinforcing the notion that speculative capital is flowing back into SEI. This metric’s rise alongside price usually signals growing confidence, as both bulls and bears are loading up for the next move. Traders now must watch whether fresh inflows continue or start drying up as SEI nears resistance.

SEI has successfully broken out of its descending channel after several months of bearish structure and is now hovering around $0.3039, inching closer to the next key resistance at $0.3508. At press time, the Relative Strength Index (RSI) read 67.89, indicating that it is bullish but not yet overbought. This gives bulls some breathing room, especially if volume follows through. However, failure to breach $0.35 could lead to price compression or a retest of the breakout zone.

Ultimately, SEI’s breakout is backed by a strong rise in user activity, speculative interest, and positive sentiment. However, the lingering negative funding rates and key resistance at $0.35 introduce short-term risk. If bulls maintain momentum and break past this level, SEI could enter a fresh price discovery phase. The next big battle for SEI will be at $0.35, and traders will be watching closely to see if the bulls can maintain their momentum and break past this key resistance level.