YEREVAN (CoinChapter.com) — Sei Network (SEI), a DeFi protocol based on Cosmos blockchain, jumped 8% to $0.45 on Dec. 28, a day after dropping 20%. Nonetheless, SEI was trading below its all-time high of $0.53 on Dec. 26. So, are the SEI bulls ready for a new leg up? Let’s discuss.
SEI Trading Cooled Off
According to on-chain tracker Messari, Sei Network’s trading volumes peaked on Dec. 26 at $397 million, a record high for the token. As the Dec. 28 results are not fully in yet, the dynamic for the coming sessions is not yet clear.
As of writing, the 24-hour decrease in trading volumes stood at over 53%. Notably, the trading volumes alone don’t indicate a bias. However, paired with the rising price, the low volumes could indicate a possible market manipulation, i.e. a low number of players making large trades.
According to CoinMarketCap, Binance is responsible for over 23% of the SEI/USDT trading, with a volume of $125 million on Dec. 28.
If the SEI price declines in the coming sessions, the likely short-term target will be $0.43, a support line from Dec. 28.
Sei NFT Sales Behind Price Rally?
Meanwhile, the reasons behind the intraday bullish push are not clear. However, according to the Network’s official X account, the project’s NFT volume exceeded $1 million, which could have propelled the platform. Sei called the results their “first major milestone.”
Also, Sei Network’s NFT success might be attributed to the popularity of an open-source project WeBump. “We have officially sold out,” said the latest tweet.
They have developed the Lighthouse protocol, which allows anyone to launch their own NFT collection on the Sei Network. This is a significant step towards democratizing the NFT space, allowing creators from all walks of life to participate in the burgeoning NFT market.
said the announcement.
