Sei (SEI) Price Prediction: USDC and CCTP Join the Public Chain Network, Long Positions Strongly Dominate

Sei (SEI) has surged nearly 25% so far this week, currently continuing to expand its pump, rising nearly 8% as of Friday (July 11) when this article was written, approximately $0.326.

The main reason for SEI's continuous rise is that Circle announced on Thursday that its native stablecoin USDC and the cross-chain transfer protocol (CCTP) V2 are set to launch on the Sei network, which has once again sparked investor interest. In addition, on-chain and derivatives data also suggest that SEI's open interest (OI) and total value locked (TVL) have both reached all-time highs, and the upward trend is expected to continue.

Another reason for the SEI pump is that Bitcoin set a historical high on Thursday, breaking through $117,000, surpassing previous highs this week. As the largest cryptocurrency reached this historical peak, it sparked widespread optimism for the entire cryptocurrency market, with most altcoins (such as SEI) following in Bitcoin's footsteps.

Sei's open interest and TVL hit all-time highs

A comprehensive view of the on-chain and derivative product data of SEI further supports a bullish outlook. Coinglass data shows that the open interest (OI) of SEI futures surged from $238.84 million on Wednesday to $366.97 million on Friday, setting a new historical high. The increase in open interest indicates that new or additional capital is entering the market, along with new buying pressure, which could drive the current price of SEI up.

(Source: Coinglass)

DefiLlama data shows that Sei's total locked value (TVL) has increased, reaching a historical high of 1.32 billion USD on Friday. The growth of TVL indicates an increasing level of activity and interest within the Sei ecosystem, meaning that more and more users are depositing or utilizing assets based on the SEI protocol.

(Source: Defillama)

Sei Price Prediction: Bulls in Control

FXStreet analyst Manish Chhetri stated that earlier this week, on Tuesday, the SEI price found support around its daily level of $0.254 and rose over 17% in the following two days. This daily support level roughly coincides with the 200-day Exponential Moving Average (EMA) at $0.264, making it a key support area. As of writing this article on Friday, the index continues to rise to $0.329.

If SEI maintains its upward trend and closes above the weekly resistance level of $0.348, it may continue its pump, extending towards the 50% Fibonacci retracement level of $0.433, which is drawn from the December high of $0.737 down to the April low of $0.129.

On the daily chart, the Relative Strength Index (RSI) is at 69, approaching the overbought level of 70, indicating strong bullish momentum. In addition, the Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover this Friday, issuing a buy signal, suggesting an upward trend.

However, if SEI faces a pullback, it may continue to decline, finding support near the 200-day EMA at $0.264.

(Source: Trading View)