Key Highlights
- SEI’s perpetual futures trading volume has jumped 94% over the last three months.
- The SEI token price has stayed mostly flat, suggesting the market is waiting for a clear direction rather than selling off.
- On-chain usage remains strong, with high DEX volume and steady network activity.
SEI Network, a layer-1 blockchain designed for high-speed trading, has reportedly seen a surge in derivatives activity over the last few months. The network’s perpetual futures trading volume has increased by 94% in the last 90 days to about $28 million in volume.
Over the same three-month period, traders have leveraged on products tied to SEI. Perpetual futures allow traders to bet on price direction without owning the token directly. Meanwhile, the price of the token itself has been trading sideways over the same period, consolidating between the range of $0.10 and $0.13, with a massive drop in trading volume.
Currently, SEI is trading at $0.12, up about 3% in the last 24 hours from an intraday low of $0.11. Trading activity has dropped by 4.53% over the same period to about $43.99 million in volume, while its market cap sits at $796 million.
Looking at the weekly chart, SEI is trading at its lowest level, which was last traded in October 2023. The token has been losing momentum in selling since it hit its all-time high of $1.14 in March 2024. Since it reached this peak, the tokens have struggled to regain a strong upward rally. The price has been active over the past several months and has been slow, with repeated attempts to surge.
Despite the weakness, the activity on the SEI network itself has remained steady. A 94% increase in perp volume over 90 days shows that traders are choosing derivatives to gain exposure rather than buying the token outright. This type of pattern is often seen when traders expect the price to rally in the future but remain cautious in the short term. It also suggests that interest in the token is building up gradually instead of a sudden spike.
Decentralized trading on the network has also remained active. According to DefiLlama, decentralized exchange volume on SEI exceeded $400 million within a recent two-week window, which means users are still trading the token onchain even with the price floating sideways.
The total value locked (TVL) across SEI’s DeFi ecosystem stands at about $180.59 million, showing a 1.53% increase over the last 24 hours.
Bullish flag pattern on weekly timeframe
Based on technical analysis, SEI’s weekly chart is displaying a triangle flag pattern, which is a bullish sign. On the daily timeframe, the price had just broken out of a bullish flag pattern, which pushed the price from $0.11 to $0.12 after consolidating at a support level.
If price could possibly break above the weekly trendline or above the 20-day, 50-day, and 100-day averages, it could start a rally up to $0.36. However, a break below would continue the downward trend.
The Relative Strength Index (RSI) on the weekly time frame is currently at 35.78, while the moving average is at 36. This suggests that the sellers are in control. However, the price is almost at an oversold level, which could reduce the selling momentum and give room for buyers to take over.
Also Read: Monero (XMR) Jumps to New All-time High Amid Privacy Coin Surge
