XRP News Today: SEI Surges 33% to $0.268 on Market Recovery and Strong On-Chain Fundamentals

SEI, a prominent cryptocurrency, experienced a significant surge of 33% on June 24, reaching $0.268, its highest level since May 12. This rally marked a substantial recovery for SEI, which is now up over 90% from its April low. The market capitalization of SEI stood at $1.49 billion, reflecting a robust market performance.

The price increase of SEI coincided with a broader market recovery, where the global cryptocurrency market cap climbed by 2.5% to $3.36 trillion. Major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and Dogecoin (DOGE) also posted notable gains. This positive sentiment was fueled by news of a potential ceasefire agreement between Israel and Iran, announced by U.S. President Donald Trump, which signaled an end to a 12-day conflict that had weighed on global risk assets.

Beyond the broader macroeconomic tailwinds, SEI's rally was supported by strong on-chain fundamentals. The total value locked (TVL) on the Sei blockchain climbed to $1.13 billion, nearly doubling from $526 million at the start of the year and approaching its all-time high of $1.15 billion set in May. This growth was driven by the increasing adoption of decentralized applications (dApps) built on Sei. Yei Finance, a lending protocol inspired by Aave, now holds approximately $820 million in assets, while Takara Lend, another lending dApp, has attracted $80 million in TVL.

The total stablecoin supply on SEI has also grown significantly, reaching over $225 million, up from just $1.2 million in March. USDC remains the dominant stablecoin, accounting for 83.3% of the stablecoin market on the network. Revenue generated by Sei-based DeFi protocols has seen notable improvement, with monthly earnings surging from $116,000 in March to $562,000 in June, indicating a strong uptick in transaction activity and protocol usage.

From a technical perspective, SEI has broken out of multiple bullish patterns. It recently cleared the upper resistance of a multi-week descending channel, signaling a trend reversal. SEI has also broken above the symmetrical triangle pattern that had been forming since February, another bullish continuation signal. The token now trades above both its 50-day and 200-day moving averages, confirming a favorable trend structure. Additionally, the Supertrend indicator has flashed a green signal, and the MACD has registered a bullish crossover, both of which suggest that positive momentum is likely to continue.

The next potential upside target for SEI lies at $0.36, which coincides with the 38.2% Fibonacci retracement level from the year-to-date high. If macroeconomic sentiment continues to improve and on-chain strength sustains, SEI could attempt a move toward the $0.50 psychological resistance zone, which aligns with the 61.8% Fibonacci level.