What’s Driving SEI Prices as Token Soars 50% in a Week
Sei Network’s native token, SEI, has experienced a remarkable surge, climbing over 50% in the past week. This outperformance against other top-100 cryptocurrencies by market capitalization is attributed by analysts to a confluence of positive factors. B2BINPAY highlighted three key drivers fueling this “multi-factor rally.”
First, Wyoming’s selection of Sei as the settlement layer for its dollar pilot program significantly bolstered the token’s institutional credibility. This pilot program, involving the proposed state-backed stablecoin WYST, leverages LayerZero’s cross-chain technology. Sei’s 30-point score, based on transaction speed, fees, and finality, underscores its technological advantages in the competition.
Second, the v2 airdrop snapshot generated considerable excitement and further fueled the price increase. Coupled with a 9% increase in staking APY from core validators, this added to the upward momentum.
Third, on-chain data reveals a healthy influx of capital, indicative of organic buying pressure. While over $3 million flowed into centralized exchanges (CEX), perpetual swap open interest only increased by 9%, and funding rates remained stable. This suggests spot market dominance rather than leveraged speculation driving the rally. DeFiLlama data confirms the positive trend, with Sei’s total value locked (TVL) exceeding $540 million and DEX volumes surpassing $60 million for the first time.
However, B2BINPAY cautions against potential future corrections. A rise in funding rates above +0.05% or open interest outpacing spot volume could signal excessive leverage and a potential reversal. Despite this, the current positive fundamentals and clean on-chain flows suggest the rally could extend into July. The sustained momentum hinges on maintaining this balance between organic buying and controlled leverage. The success of the Wyoming pilot program and continued growth in TVL and DEX volume will be crucial indicators of long-term price sustainability.
