- TradingView chart shows strong bullish reversal patterns.
- Circle integrates native USDC on SEI, boosting cross-chain liquidity and credibility.
- SEI is under review for the Wyoming stablecoin program, decision due by July 17.
The daily TradingView chart has confirmed a strong bullish reversal for SEI. The token rose more than 22% to $0.335 and has continued in this positive direction in the last 24 hours. The bullish momentum follows a $1.4 billion in total value locked on the SEI protocol and a rise in open interest to $318 million. The token’s price uptrend has also been boosted by a USDC launch and a Wyoming stablecoin review.
SEI Builds Bullish Breakout
TradingView indicators show strong technicals. The 20-day, 50-day, and 200-day moving averages are all inverted into support, with SEI trading above all their corresponding prices at present. The RSI on the daily chart stands at 70.47, which shows a strong bullish force, though it does not indicate that overbought levels have been reached yet. With the MACD line having crossed the signal line and with more green histogram bars, this indicator indicates increased pressure among buyers.
Also, the stochastic RSI has taken a sharp upturn too. All these indicators indicate that price activity is totally in the control of the bulls in the short term. As indicated in the TradingView chart, the volume went up to over 113 million. That is a sharp increase in trading activity and adds more power to the rally.
The subsequent upside target using the Fibonacci retracement levels will be at the 0.5 level, which is at $0.37. Then, a further breakout from the structure could cause it to reach $0.49. When that upward pace is sustained, SEI can break the $0.50 mark. However, its next support stands at around $0.27.
Source: TradingView
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Institutions’ Confidence In SEI
This technical performance is in line with big ecosystem news. The token’s price also rose after the network announced that it now has native USDC support.
The stablecoin will not be issued by a third party but directly by Circle, and it will be linked through the Cross-Chain Transfer Protocol (CCTP). This protocol enables cross-chain transfers between SEI, Ethereum, Solana, and Avalanche.
This integration means there’s no need to use wrapped assets or third-party bridges. It also produces more effective on-chain payment applications and transfer of liquidity. The growth enhances the blockchain’s infrastructure for DeFi applications as well as cross-chain finance.
The TradingView bullish pattern coincides with strong on-chain and institutional activity. Data from CoinGlass shows that SEI futures open interest increased by more than 210% in the past three weeks. Hence, the total open interest rose to $318 million from $50 million, indicating that traders are taking up positions as they expect a positive move over the long term.
Source: Coinglass
Rising Institutional and Regulatory Support
The positive trend is also backed by the DeFi metrics. DeFiLlama data shows that the total value locked from SEI protocols had exceeded an all-time high of $1.4 billion before a drop to its current value of $672.5 million. This indicates that funds flowing into this network are not only for speculative purposes but also for use through dApps and liquidity platforms over the long term.
Source: DefiLlama
There is institutional interest to add. A filing of an IPO by Circle with the US regulators late last year confirmed that it holds 6.25 million SEI tokens. This indicates that the token is included in the long-term blockchain strategy of Circle. The endorsement of the stablecoin issuer implies institutional confidence in the role of SEI in digital finance now and in the future.
Wyoming Stable Token Commission is also discussing this network. It is one of the eleven networks that the state reviewed to be integrated into the new WYST stablecoin program. The decision will happen on or before July 17. In case the program is approved, the token will get an additional boost in regulatory credibility and investor interest. The technical and institutional catalysts indicate that SEI can become one of the top-performing altcoins this month.
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