Massive Liquidations Spark SEI Bullish Momentum and Network Growth

• SEI experienced a massive shift, with over $804k in bearish liquidations, indicating strong bullish momentum.
• SEI’s recent v2 upgrade boosted daily transactions to 5 million and TVL by 229%, enhancing network efficiency.

A few days ago, the SEI market had taken a dramatic turn, with negative traders suffering large losses. Over $550,000 worth of short bets were liquidated, bringing the total bearish liquidations to more than $804,000.

This abrupt change in market dynamics indicates a significant shift in opinion toward SEI, with many investors appearing to reconsider their positions. The market’s volatility was also reflected in SEI financing rates, which fell drastically to 0.0516%.

This decrease corresponded with an increase in SEI price, resulting in a significant market rally. As a result, SEI’s trading volume increased, establishing a strong bullish trend that drew the attention of many in the crypto community.

$SEI bears are getting liquidated.

in the past 48h, over $550k worth of short positions were liquidated on $SEI

its funding rates also sharply decreased to .0516% 📉

translation: traders are beginning to bet on $SEI again 🔴 pic.twitter.com/ZpD7mQE06M

— cooltimes🧊 (@cooItimes) September 19, 2024

SEI Shines Bright as a Top Performer in the Crypto Boom 

This rise propelled SEI to an amazing top of $0.3478, representing a stunning 20.17% increase in just one day. This large increase made SEI one of the standout performers in the latest crypto boom, capturing attention amid a broader market upswing.

Investors’ renewed trust in SEI is clear, as rising trading volume demonstrates greater excitement about the asset’s future. The recent price action implies that SEI has succeeded in catching market interest, establishing itself as a promising contender in the present crypto ecosystem.

To add to this positive trend, recent reports show that SEI’s network efficiency has improved significantly. As CNF previously reported, SEI transaction fees have decreased by more than 25% over the past four months, significantly increasing the network’s cost-effectiveness.

This reduction in transaction costs not only increases SEI’s attractiveness, but also demonstrates the network’s growing dedication to scalability and user experience. Such enhancements are critical in drawing new players to the network, which is required for long-term viability and growth.

Furthermore, the recent |Sei v2 upgrade has been a game changer for the network, resulting in a significant increase in daily transactions, which now total an amazing 5 million. This improvement also led to an astounding 229% increase in total value locked (TVL) within the SEI ecosystem.

These metrics show a strong and expanding platform, since the increase in activity and locked value indicates greater user engagement and faith in the network’s potential.

SEI’s native token is currently trading at around $0.3702, up 8.31% over the last 24 hours and an astounding 23.04% over the last week.